Throughout history, society has had to deal with scammers who use dirty tricks to obtain any financial or personal information from an individual. As today’s world becomes even more reliant on technology, cybercriminals are executing new and improved ways to obtain the details they require. Alarmingly, it’s prominent in 2024.
In Canada, millions of people have been the victims of fraud or some sort of financial scam. In fact, according to Statistics Canada, Canadians reported $16 billion in fraud losses between 2014 and 2019, a quite staggering amount of money. Furthermore, 24% of people reported losing around $1,000, while around 3% lost $10,000. It’s a notable problem that many members of society have had to overcome in their lives.
Alongside the financial losses associated with scams is the psychological toll they can have. People feel violated, they aren’t confident in using online services or telephones afterward, and it’s a generally horrific crime to overcome. It’s also becoming increasingly common, further highlighted by the fact that fraud tops a list of crimes being reported by Canadians at the time of writing. This epidemic doesn’t appear to be slowing down anytime soon either, making it important to educate yourself on the common scams in order to increase your chances of avoiding one.
How to Spot a Forex Scam
Unscrupulous scammers are working together to wreak havoc online. One area they’re targeting is the online trading world, particularly forex scams. Using trojan horse-style tactics to exploit what are usually genuine opportunities, these scammers are having plenty of joy. Thankfully, to protect your trading escapades, there are useful resources on forex scams and trading for beginners, all with the aim of educating the masses on how exactly these dangerous online criminals operate. For example, unregulated brokers who aren’t tied to reputable agencies, such as IIROC, ASIC, FSCA, FSA, and FFAJ, are worth ignoring. These fraudulent brokers specialize in common scams in this area, from forex mutual fund (PAMM) scams to guaranteed return scams. It’s therefore vitally important to stay one step ahead of the scammers and learn about how they operate and the methods of attack the typically employ.
CRA-related Scams And How to Combat Them
Alongside forex trading scams are an abundance of phone-related scams that millions of Canadians are having to deal with. Posing as someone from the government or other institutions linked to the government, criminals proceed to obtain as much information from you as they possibly can, be it any personal or financial details. This is particularly prominent in emails, with online criminals targeting email accounts and pretending to be government officials. Also seen in the form of text messages, criminals populate these messages with clickable fake links to claim a variety of deposits, such as the Climate Action Incentive Payment. Not only does the scam seem legitimate, but it’s generally for a cause that people identify with, therefore making it a particularly powerful scam. Thankfully, if you ever receive a call or an email of this type, then simply demand that the individual in question provide their name, work section, and office location. Then, from there, contact the CRA directly to check the person works for them.
Loan Fee Fraud Scams Are Also On The Rise
Scammers are taking advantage of people’s increased financial vulnerability in another alarming manner. As the cost of living increases and people actively search for ways to improve their overall financial health, scammers are targeting Canadians with the offer of fake loans that they never actually receive. Known as loan fee fraud, it’s easy to fall victim to such a con if you’re struggling with bills or have a vacation to pay for. An apparent way of alleviating any financial stress, loan fee fraud is becoming prevalent as criminals respond to households who are turning to these types of loans during the cost of living crisis. Loans are seen as the perfect way to cover summer expenditures, for example. As such, these unscrupulous operators purport to be individuals who are capable of saving the day with a much-needed cash injection, only for the loan to never arrive despite sharing a variety of personal and financial details with the scammer. You can spot a loan fee scam by looking out for various warning signs, be it cold calling, an increased amount of emails, and being asked for an upfront fee or having to pay quickly through an unusual channel that you perhaps don’t recognize.
Contests And Sweepstakes Scams Occur On a Daily Basis
People regularly chase that winning feeling. Whether it’s through a family quiz or a local raffle, it’s nice to record a win every now and then. Sadly, though, some people are so keen to win big that they fall victim to the various contests and sweepstakes scams that occur on a daily basis. Be it through an email or a phone call, these types of scams are running rampant, as Canadians everywhere get sucked in by the lure of a free trip or a big prize. If it’s too good to be true, though, then it’s probably a scam operation where the recipient of a prize is then forced to pay extra tax or a fee to claim it. A scammer might state that the offer is legal or has government approval, but it’s obviously their way of legitimizing their operation. In essence, the scammer’s aim is for you to provide as many personal details as possible so they can commit fraud or even steal your identity. This brazen assault is on the rise as people fall for the urgency of the offer and become excited at the prospect of a memorable victory. If you haven’t signed up for the contest in the first place, though, then it’s most definitely a scam. Even if you have purchased a ticket for a particular contest, then make sure you avoid paying any extra fees or costs to claim the prize in question.
