Fraud is on the rise in Canada. Last year, Canadians reported losing about $416 million to fraud, which was up an astounding 55% from the record-breaking year in 2021. More than half of those losses were in Ontario.
Elderly Canadians are common targets for fraudsters. They have accrued more wealth over time, some are more isolated, and many are not as fluent with technology. Investment and crypto scams resulted in the highest losses in Ontario last year, with the Canadian Anti-Fraud Centre reporting that victims were losing a staggering $150,000 on average.
However, for all the varieties of scams — phone scams, fake cheques, phishing scams, identity theft, fake investment opportunities, ‘grandparent scams’ — there are a few things they have in common. Knowing how to spot them can help you avoid them.
One of the most obvious signs of a scam is a sense of urgency. In so-called ‘grandparent scams’ a person may call you posing as a loved one in distress saying they need you to send them money right way. Other scammers will pressure you to make a decision immediately, or claim that you’ll “miss your opportunity.”
If the person requesting money or offering you the opportunity cannot offer proof of their identity, or try to dissuade you from discussing it with others, those are major red flags.
Don’t be pressed into making a decision without taking the time to verify who you’re speaking to or the details of the opportunity. In the latter case, talk to at least one or two people you trust to verify everything is what it appears.
If someone calls you over the phone claiming they are from the Canadian Revenue Agency, they are almost certainly lying. As a rule, government agencies don’t contact you over the phone and you should be wary of other providers — doctors, banks, etc. — contacting you to ask for personal information, particularly credit card numbers or social insurance numbers.
If you’re unsure, hang up and call back the official registered number to find out if they have been trying to contact you.
This is also the best thing to do if you suspect a tech-support scam. If you’re contacted — over the phone, by email, or even in person — by someone claiming to fix a problem with an electronic device that you weren’t aware of and are demanding payment, contact that service provider directly to verify.
If you’re receiving messages that seem to be from friends but that link to unfamiliar websites, it’s best not to follow the link. If an email from one of your contacts seems unusual, check the email address — it may be a familiar name but the address may be totally different than their real one.
In these cases, this may be a phishing scam that can infect your computer with a malware program to steal sensitive data. Click the “report” button and delete the email.
You receive a cheque you weren’t expecting, and the sender is saying they “accidentally sent too much” and need you to send back a portion of it. You receive a notification saying you won the lottery you don’t remember playing and now they need your personal information. You won a big prize in a contest you don’t remember entering and now you just need to pay a small fee to claim it.
All of these are common tactics used by scammers. Also, be wary of any investment opportunities that offer ‘guaranteed’ returns. There is no such thing as an investment without risk. If it’s presented otherwise, ask questions.
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