Won’t get fooled again!

June 1, 2017

The Who’s song “won’t get fooled again” won’t help if you have been held hostage by a ruthless scammer! Here is a brief update on what you should be aware of. These warnings are provided in a handy list by the Competition Bureau via the Financial Consumer Agency of Canada.

  • Don’t be fooled by the promise of a valuable prize in return for a low-cost purchase.
  • Be extra cautious about calls, emails or mailings offering international bonds or lottery tickets, a portion of a foreign dignitary’s bank account, free vacations, credit repair or schemes with unlimited income potential.
  • Don’t be afraid to hang up the phone, delete the email or close your Internet connection.
  • Don’t purchase a product or service without carefully checking out the product, service and company.
  • Don’t be afraid to request further documentation from the caller so you can verify the validity of the company.
  • Only share your personal information with companies you contacted and that you know and trust. This includes information about your finances, bank accounts, credit cards, social insurance, and driver’s license numbers. Don’t give out more than you need to.
  • Shred unwanted personal information such as bank statements, credit card bills, unwanted receipts, cheques, pre-approved credit applications and old tax returns.
  • Check your credit report every year and report problems immediately.
  • If a scam artist contacts you, or if you’ve been defrauded report it to protect others at 1-888-495-8501

If you file a complaint it is important to keep any evidence such as: cancelled cheques, certified or other mail receipts, chatroom or mailroom text, credit card receipts, shipping envelopes, facsimiles, money order receipts, pamphlets or brochures, phone bills printed or electronic copies of emails and/or web pages, wire receipts, interact payments, and notes taken as events took place. 1

Here are the top scams of 2016 reported with losses. 2

  • Employment scams – $5.3 million reported.
  • Online dating scams – $17 million reported.
  • Identity fraud – $11 million reported.
  • Advance fee loans – $1.1 million reported.
  • Online purchase scams – $8.6 million reported.
  • Wire fraud spear phishing – $13 million reported.
  • Binary option scams – $7.5 million reported.
  • Fake lottery winnings – $3 million reported.
  • Canada Revenue Agency scam – $4.3 million reported.
  • Fake online endorsements – $ unknown.

1 Competition Bureau

2 CBC News

 

 

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