Fraud is everywhere, and when it comes to your money, you need to be particularly alert. According to the Canadian Anti-Fraud Centre (“ CAFC”), Canadians lost over $200 million to financial scams between 2012 and 2014. Canadians aged 60 to 69 were the most targeted, while Canadians aged 50 to 59 reported the highest dollar loss.1 In other words, no one is safe from fraudsters, but those aged 50 and up are especially at risk.
The more you know about fraud and how it works, the better positioned you’ll be to stay safe. Some best practices for fraud-proofing your wallet include:
1. Never provide personal information like bank account or credit card numbers over the phone or by email.
No financial institution or other legitimate business, including credit card companies, will ask you for personal information over regular email. Ignore and delete emails asking for personal information and do not click on any links provided.
2. Install anti-virus software on your computer and avoid accessing online accounts from public computers.
The goal of anti-virus and anti-spyware software is to prevent hackers from getting into computers you use and stealing your information. By their very nature, public computers are more vulnerable. If you need to access personal information on a computer other than your own, log out of any accounts when you are done and make sure the “remember me” function is disabled.
3. Ignore spam emails and never reply to them.
Better yet – install anti-spam software so that spam stops reaching your inbox altogether. Even requesting to be taken off a mailing list lets spammers know that they have found an active email address. Simply block further emails from them.
4. Check credentials.
It should take more than a fancy title or impressive office to sell you on something. Take your time, do independent research and know who you are dealing with when your money is on the line. Do not be afraid to ask questions. Ever.
5. Be wary of get-rich-quick schemes.
Never rush into something involving your money or property no matter how promising it looks. The timeless adage of “if it sounds too good to be true, it probably is” still applies. This includes free product offers and claims that you won a contest you did not enter.
Always be aware
Young or old, fraud doesn’t discriminate but does go where the money is. Guarding your personal information as closely as you would your money, being proactive about security and knowing your rights as a consumer, will go a long way toward keeping you free from financial harm.
In our next article, we’ll address some common financial scams and how to avoid them. You can also call our office to learn more ways to defend yourself and your family from fraud.
1 http://www.antifraudcentre-centreantifraude.ca/reports-rapports/2014/ann-ann-eng.htm#a1.