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Frauds
What is it?
Fraud is the act of obtaining money, services or property by deceit. Hundreds of scams are used daily, incurring losses in the millions of dollars. Many fraud artists are well dressed, intelligent people preying on the unaware public.
Common Types
Bank Examiner
A phony bank examiner contacts you and asks for help in catching a dishonest bank employee. You are asked to withdraw a specific amount of cash from your account so that he may check the serial numbers and return the money. After turning over your money to the examiner, you never hear from him again.
Charities
While legitimate charitable organizations often contribute positively to the needs of the local community, many organizations pray on the compassion of citizens to effect high pressure solicitation tactics and/or fraudulent activities. Prior to contributing to a charitable organization it is incumbent upon each individual to satisfy themselves that the organization is legitimate.
Door to Door Sales
Many door-to-door sales are not legitimate. Provincial laws protect you against quick sales at your door. Ask for identification and ask lots of questions.
Home Improvements
All legitimate contractors are licensed. Fraudulent companies demand partial or complete payment in advance, followed by poor work or no work at all. Check with the City Licencing Department or Better Business Bureau to be sure that you are dealing with a real or reputable contractor.
Identity Theft, Skimming and other crimes related to criminals getting your personal and banking information is the fastest growing, costliest consumer crime in North America. How fast is it growing? Exponentially – more than 100% growth year after year since about 1997 when Identity Theft and information skimming became an identified concern of law enforcement, financial institutions, the business community and us – the consumers.
Telemarketing Fraud
Telemarketing is one of the most popular forms of fraud. The con calls using some fraudulent pitch to make you lose your money. One fraud used is the FREE TRIP scam. You will be asked to send a deposit of $70.00 or more to hold your plane ticket or to pay for the taxes. Once you have paid all the hidden costs the trip costs more than it would had you booked it through a reputable firm. Again, do not hesitate to check credentials and do a little research. Remember that it is your hard-earned money.
Banking Information
The Canada Revenue Agency is warning people to beware of scam artists tryingto steal personal financial information with a letter purporting to be from the government. For more details, please click here
Bank Related Scams
There have been many changes in the financial services industry over the past few years. Consumers now have greater flexibility and more options than ever before regarding their finances. Appropriate care and diligence must be exercised when making financial transactions of any kind.
Bank Related - Automated Teller Machine (ATM) Fraud
While you are in the bank kiosk using your bankcard, a con artist will be watching you in an attempt to obtain your PIN number. Near the end of the transaction, before you have removed your card from the bank machine, the con artist will drop a $20.00 bill on the ground and point it out to you. While you turn to pick it up, a second con artist exchanges your bankcard in the machine with another stolen bankcard. You won’t know this until you try to use the card and discover that it won’t work. By then your account will probably have been drained.
Bank Related - Automated Teller Machine (ATM) Credit Card Readers
While using an ATM, false parts may have been installed on the machine by criminals making it capable of reading your card and PIN. This may result in the fraudulent use of your card at a later date. Report any suspicious machines to the Police.
Another scam…
You may have lost your purse or wallet containing your bankcard. The con artist will call you claiming to be from the bank asking you to verify your PIN number so they can cancel the card and issue you a new one. Again, armed with your card and now the PIN number, your account could easily be drained. No bank employee or police officer will ever ask you for this number.
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