Did you know that 1 in 3 Canadians are targets of financial fraud during the pandemic?

In this period of COVID-19, many individuals are preying on Canadian’s fears and using misinformation to conduct fraud. According to a recent Financial Consumer Agency of Canada (FCAC) survey, “one in three Canadians indicated they have been targeted by attempts to obtain their financial information through phishing or hacking.” 

Unfortunately, fraudsters are quite sophisticated and count on their victims to fall for their scams. By providing a fraudster with information, they may have the ability to steal your identity or your money. Thankfully, there are some ways you can protect yourself from falling victim to financial fraud. 

Below, we have listed a few tips for protecting yourself and your finances: 

  • Never give out your personal or financial information over email, text, or by phone (unless you can verify with 100% certainty that you are giving it to the appropriate organization or trusted individual). 
  • Be aware of offers that seem too good to be true. If they seem questionable or overly lucky, they probably are.
  • When banking or shopping online, ensure you are on the correct website by double checking the URL. 
  • Do not click any links in your email or social media inboxes from unknown or unverified senders.
  • Regularly review your bank account or credit card statements for suspicious activity and report any suspicions immediately.
  • Protect your PIN and NEVER share it with anyone.
  • Do not recycle important documents with personal or financial information, but rather shred or destroy them. 

If you think you may be a victim of fraud, there are various steps you should take. Ensure that you contact your financial institutions immediately, report the situation to your local police, Contact Canada’s credit bureaus to have a fraud alert placed on your file, and complete a report with the Canadian Anti-Fraud Centre. 

Read more about financial fraud and the ways you can protect yourself by visiting https://www.canada.ca/en/financial-consumer-agency/news/newsletters/march-2021.html

As always, if you have any questions or are looking for additional information and/or financial advice, please feel free to contact our team at Quarry Wealth. We look forward to helping you protect yourself and your financial future.

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