Tips and Tricks to avoid fraud.

In this complex scam, fraudsters send unsolicited messages to unsuspecting victims through popular social media platforms, asking people to send money using Interac e-Transfer to various email accounts to fund a fake “portfolio”. They promise high returns and the opportunity to track progress on a phony “live” dashboard. Then, when investors request to withdraw their funds, they ask victims to provide an additional percentage of their balance to pay for bogus administration fees.

Things to remember: Be wary of enticing promises of high returns with low risk and a consistent flow of profits, regardless of market conditions. Moreover, always ensure that Interac e-Transfer requests originate from sources you recognize and trust.

In this new elaborate scheme, scammers use blackmail to demand payment in crypto. Authorities have issued warnings about this trend, where various threats are made to coerce individuals into sending crypto payments under different excuse.

Things to remember: Urgent, threatening messages.

When a fraudster poses as a romantic interest either in real life or online, it’s called a “romance scam.” You may begin to suspect one is afoot when your new(ish) love interest asks for money for travel or to deal with an emergency. Eventually, they disappear and never repay any money owed.

Things to remember: Be very careful about lending money to anyone you haven’t known very long, even if you’ve become close.

Today, everything is just a click away on our phones – even text fraud. Financial scams by SMS text, also known as smishing, are becoming much more sophisticated and, unfortunately, easier to fall prey to. Smishing scammers use text messages to demand money for alleged unpaid fines, to redeem fake cash rewards, or by pretending to be a close friend in need. Their aim is to manipulate unsuspecting people into sharing personal information or even convincing them to invest in sketchy schemes, resulting in identity theft or payment fraud.

Things to remember: Be alert to strange, out-of-the-blue texts that appear to be from legitimate businesses or (fake) casual friends. When uncertain, don’t text back, share personal information, or click any links in texts. Instead, label suspicious texts as junk and report smishing to the Canadian Anti-Fraud Centre via 1-888-495-8501.

In today’s digital age, phone numbers added to social media profiles can be susceptible to misuse. Hackers can scoop up personal phone numbers from social media platforms and add them to a database on the dark web. Sharing your phone number publicly increases the risk of potential fraud.

Things to remember: Be mindful of sharing personal details online. Protect your data by not providing your phone number, address, age, and the names of your loved ones on your social media channels.

Remote recruitment has seen a significant surge, with projections indicating that a substantial portion of professional jobs in North America will continue to be remote. This trend presents a convenient environment for scammers. These scams typically involve getting the target to send an image of a sensitive document to verify their identity or demanding ‘an application fee’.

Things to remember: Be wary of employers asking you to deposit your own money into a cryptocurrency machine or account, or if they request personal details such as a copy of your driver’s license or social insurance security number.

This scheme often involves targeting remote workers with spam and phishing scams, using sophisticated techniques, such as personalized WhatsApp messages that appear to come from coworkers and are not easily recognized as spam. Falling for it often results in downloading harmful malware.

Things to remember: Avoid emails that claim to be from your colleagues (or your boss) that direct you to external websites – check the URL carefully by hovering over it before you click. Contact your IT department when in doubt.

In a rental scam, someone poses as a landlord and says they’re not available at the moment. Or the scammer poses as an intermediary for an absent landlord. Either way, they demand an apartment-seeker pay a deposit on an attractive-looking rental, often through a money transfer. The would-be tenant discovers there isn’t actually a rental – and the deposit is gone.

Things to remember: Avoid “landlords” who don’t want to meet in person. Never give money for a security deposit.

In this scam, fraudsters with slick-looking websites take advantage of people in tough financial situations by offering phony loans. They request an “activation fee” and promise quick access to funds; afterwards, however, the loan ends up being fake, and the fraudster will vanish after receiving the funds.

Things to remember: Beware of upfront “activation fees” and unreasonably favourable interest rates. Remember, if something seems too good to be true, it often is.

In this scheme, fraudsters contact unsuspecting victims via phone calls, claiming to be representatives from financial institutions, online merchants, and even law enforcement agencies. Criminals posing as bank investigators manipulate victims into assisting in supposed fraud investigations, promising to trace and return money, and persuading victims to withdraw significant cash amounts. Scammers may also ask victims to deposit fraudulent checks, wire them money, or meet in a parking lot to hand over cash.

Things to remember: Beware of disruptive calls requesting help to catch a supposed bank employee stealing money from your bank account. Your best response is to hang up and protect your private banking info.

The information provided on this page is for general information purposes and, while the information presented is believed to be factual and current, it does not constitute a complete analysis of the subject matter discussed. No endorsement of any third parties or their advice, information, products or services is expressly given or implied by Interac Corp.