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Do you ever receive texts or calls that make you wonder if the person contacting you is who they claim to be?
You’re not alone. According to a new study by Payments Canada, 32% of Canadians have a hard time telling which communications they receive are legitimate.
If you aren’t sure how to spot signs of a scam, you might miss paying a legitimate bill or an urgent message from friend/family member.
In light of these findings, how can you tell if the messages you’re receiving are real?
Let’s dive into how to spot the signs of these popular scams, so you can better protect yourself:
Phishing scams are designed to trick you into providing your personal information or downloading harmful attachments.
The messages may appear to come from a reputable person or company, but it’s a fraudster in disguise, attempting to obtain your banking information, address, or Social Insurance Number (SIN).
The email, text, social media message, or phone call will likely come from someone posing as:
The scammer will typically pressure you to click a link, download an attachment, or send money/ personal information.
Be wary of any messages from someone who claims to be representing your financial institution, the CRA, or the government. These entities will never contact you to send money via e-Transfer or gift cards.
This is when a fraudster aims to gain your trust to obtain money, information, or to convince you to invest in a illegitimate opportunity. They might start by contacting you through a dating site, social media, or email.
Once they’ve developed a relationship with you, they’ll start asking you for money. This might be for medical bills, family emergencies, or travel expenses.
They might also attempt an investment scam, where they encourage you to invest in cryptocurrency through their website.
Red flags for romance and investment scams include:
There’s a common misconception that scams only affect older adults, but anyone can fall victim to fraud. By assuming scammers only target one group of people, you may be underestimating fraudsters - and thereby putting yourself at risk.
Here are a few ways everyone can stay safe:
Have you spotted signs of suspicious activity on your account? Maybe you’re concerned someone has gained access to your personal information.
At Cambrian, we’re here to help protect our members. We keep you up to date on the latest scams by regularly posting content about fraud. Bookmark our Financial Literacy blog to stay current on recent trends.
If you have any questions or concerns about fraud, contact us today.
We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.
It takes less than 5 minutes to make an appointment or to apply online. It is up to you how you want to meet your advisor - you will have the option to meet your advisor:
