Financial scams are quite common in Canada. However, there’s no need to be alarmed if you are well-informed and take precautionary steps to secure yourself and your family.
Many Canadians can attest to being victims of scams or fraud. If you have never been a fraud victim, chances are there have been attempts. The texts or calls telling you to claim a Canada Revenue Agency (CRA) refund are good examples.
As the digital world advances and more people steer toward online transactions, protecting your personal and financial information is important.
These key practices can prevent you from being a scam victim:
- Do not provide your personal and financial information to strange callers. It is most likely not legitimate if an unknown caller requests your address, banking information, social security number, or online password security answers. Your financial institutions or financial advisors will not call to request sensitive information. Sometimes, a legitimate CRA agent may contact you via telephone and request information. However, it is safe to be suspicious if you did not apply for any benefits or receive any communication through your CRA personal account. When in doubt, verify the caller’s information, end the call, and call the CRA directly to confirm. Always use the contact information from the confirmed website’s link.
- Do not click on email links. Fraudulent emails with phishing links are prevalent, mimicking the websites of authoritative websites. These scam sites are designed to collect your personal and financial information. Always confirm your financial institution’s website or the CRA website link by typing the site address directly into your web browser.
- Use strong passwords for your online financial accounts. Avoid using passwords with your name, birthday, family pet names, or children’s names. Change passwords frequently and do not store passwords on public computers. If you think your password has been compromised, call your financial institution immediately and change your password.
- Do not click on email links. Fraudulent emails with phishing links are prevalent, mimicking the websites of authoritative websites. These scam sites are designed to collect your personal and financial information.
- Always confirm your financial institution’s website or the CRA website link by typing the site address directly into your web browser.
- Use strong passwords for your online financial accounts. Avoid using passwords with your name, birthday, family pet names, or children’s names. Change passwords frequently and do not store passwords on public computers. If you think your password has been compromised, call your financial institution immediately and change your password.
- Other scam prevention tips include avoiding logging into your online accounts using public Wi-Fi or computers, limiting sharing of sensitive information on online public spaces, and immediately reporting lost or stolen banking cards.
If you or anyone you know is a financial scam or fraud victim, report it to your local police and the Canadian Anti-Fraud Centre. Remember to contact your financial institution and the two credit bureaus in Canada to prevent fraudulent loans and purchases using your stolen identity or financial information.
Disclaimer: This article is for general information purposes only, and is not legal, financial, or tax planning advice. Everyone’s situation is unique, and this article cannot apply to every person. The reader should not take any action, or refrain from taking any action, as a result of this article without first obtaining legal or professional advice.
