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Regrettably, it’s a pretty safe bet that frauds and scams have been a part of human history from the very beginnings of civilization. As time has passed and society has advanced, fraud schemes have evolved to keep pace with progress and technology. Fraudsters in the digital age have an ever-expanding array of tools and schemes with a farther reach than at any other time in history.
March 2024 marks the 20th anniversary of Fraud Prevention Month in Canada, an annual reminder that we all must remain vigilant against the ever-evolving tactics of scammers looking to prey on unsuspecting individuals. This year’s theme is “20 years of fighting fraud: From then to now.”
During Fraud Prevention Month, the Canadian Anti-Fraud Centre (CAFC), along with the RCMP and Competition Bureau Canada, focus on raising awareness about prevalent types of fraud, educating the public on ways to protect themselves, and instructing them on what to do if they fall victim to fraudulent activities. With scams becoming increasingly sophisticated, we must educate ourselves on common schemes and how to avoid falling victim to them.
The statistics from the CFAC for 2023 are worrisome. Canadians were defrauded by an astonishing $567 million in just this year alone. This sum accounts for an increase of $37 million from 2022’s total and a whopping $187 million increase from 2021’s.
Here are some common scams to watch out for:
· Phishing Emails and Texts: Scammers often pose as legitimate businesses or government agencies, sending emails or texts that urge recipients to click on malicious links or provide sensitive information. Always verify the sender’s identity before responding or clicking on any links.
· Impersonation Scams: Fraudsters may impersonate government officials, law enforcement officers, or utility company representatives, demanding immediate payment or personal information. Legitimate organizations will never pressure you into providing sensitive information or making payments on the spot.
· Online Shopping Scams: With the rise of online shopping, fake websites and counterfeit products have become prevalent. Before making a purchase, ensure the website is secure (look for “https://” and a padlock icon in the address bar) and read reviews from other customers.
· Investment and Ponzi Schemes: Be cautious of investment opportunities that promise high returns with little to no risk. Research any investment offers thoroughly and consult with a trusted financial advisor before committing any funds. Remember the old adage, “If it sounds too good to be true, it probably is.”
· Tech Support Scams: Scammers may call posing as tech support representatives, claiming that your computer has a virus or other issues that require immediate attention. Never give control of your computer to someone you don’t know and trust, and avoid providing personal or financial information over the phone.
Here are some general tips to avoid falling prey to scammers:
· Verify Identities: Always verify the identity of anyone requesting personal or financial information. Legitimate organizations will provide credentials or allow you to verify their identity independently.
· Stay Informed: Keep up to date about the latest scams and fraud prevention techniques by following reputable sources such as the CAFC (antifraudcentre-centreantifraude.ca/index-eng.htm) and local law enforcement agencies.
· Protect Personal Information: Be cautious about sharing personal or financial information online or over the phone. Never provide sensitive information unless you initiated the contact and are confident of the recipient’s identity.
· Secure Your Devices: Stay current with the latest security patches, updates, and antivirus software for your computer, smartphone, and other devices to prevent malware infections and unauthorized access. And remember to use strong passwords for all of your accounts.
· Trust Your Instincts: If anything feels suspicious or seems too good to be true, trust your instincts. Seek advice from friends, family, or professionals if you’re unsure about a situation.
As we observe Fraud Prevention Month in March, let us all commit to staying vigilant and protecting ourselves and our community from falling victim to scams.
By staying informed, verifying identities, and exercising caution, we can collectively thwart the efforts of fraudsters and ensure a safer, more secure community for everyone.
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