Financial Scams and What You Need to Be Aware Of | Compass Wealth Partners

Financial Scams and What You Need to Be Aware Of

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Every day, a new financial scam is born. And every day, more and more Canadians are taken advantage of by savvy financial scammers. In a recent report released by the Better Business Bureau, the top 10 Canadian financial scams cost Canadian’s $1.2 Billion dollars in 2015. Needless to say, financial fraud is an issue.

Each day here in my office, I receive plenty of calls from clients who are concerned about receiving communication that is potentially fraudulent. When I hear the details, it’s the typical tell-tale signs of fraud, a demand for payment, a demand to verify information or another related request.

Below are a few tips on how you can protect yourself from scams:

• NEVER give an unsolicited caller access to your computer. If you receive an unexpected phone call about your computer system’s security status or performance, and the caller requests remote access to your computer, hang up – even if the caller claims to represent a well-known company or product.
• Don’t give out personal information. Do not give out credit card or online account details over the phone, unless you made the call and the number you are calling came from a trusted source.
• Protect your computer. Make sure your computer is protected with regularly updated anti-virus and anti-spyware software, and a good firewall. But research first, and only purchase software from a source you know and trust.
• Read online privacy policies. If you are considering providing personal details to a company, read their privacy policy and terms and conditions first. If you do not agree with how they will use your details, do not provide them.
And here is some information on what to do if you think you have been scammed:
• Alert your financial institution. If you have provided your account details to a scammer, contact your bank or financial institution immediately and let them know.
• Get further assistance. Contact the Canadian Identity Theft Support Centre at http://idtheftsupportcentre.org/ or by dialing 1-866-436-5461.
• Get qualified computer help. If you have computer problems, seek help or advice from a qualified and reputable computer technician.
• File a complaint. You can report unwanted telemarketing calls at www.lnnte-dncl.gc.ca/plt-cmp-eng or by calling 1-866-580-DNCL (3625).
• Contact law enforcement. If you think the call might be part of a fraud scheme, contact law enforcement authorities or the Canadian Anti-Fraud Centre (formerly PhoneBusters) or call 1-888-495-8501.

Authored by Isaac Musial on August 18, 2016

Source:  http://www.cbc.ca/news/canada/british-columbia/canada-s-top-10-scams-earned-crooks-1-2b-last-year-says-bbb-1.3471279