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The Canadian Anti-Fraud Centre states that in 2021, there were 106,875 reported cases of fraud. As of April 30, 2022, there have already been 29,294 cases this year.
Anyone and everyone can be the target of a scam
The Canadian Anti-Fraud Centre states that in 2021, there were 106,875 reported cases of fraud. As of April 30, 2022, there have already been 29,294 cases this year.
If you find yourself the victim, what rights and options do you have?
If you find yourself a victim of a scam, there are some important steps you need to take:
The Canadian Anti-Fraud Centre provides further details about what to do in specific instances, such as if your Social Insurance Number or passport is stolen.
In the U.K, a new law has been proposed that will require banks to reimburse victims of authorized push payment (APP) scams. These scams involve individuals being deceived into sending money electronically to a fraudster’s account, an action that can’t be undone.
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In Canada, there is no move to make it a law that banks repay victims of such fraud. Despite this, many banks offer digital banking guarantees that protect the customer.
Financial institutions offer various forms of protection for your online transactions. These include:
If you lose access to an account or discover an unauthorized electronic transaction, some banks will fully reimburse you. TD, Scotiabank, RBC, CIBC and BMO are among the banks that all have confirmed policies stated on their site. However, reimbursement may be subject to conditions. Therefore it is important you exercise your due diligence to avoid being scammed in the first place.
As a customer, the bank expects you to do what you can to prevent fraud and scams.
While each bank’s requirements vary, there are some universal steps you should take to protect your account:
It’s important that you take proactive steps to protect yourself against online scams and fraud. The Canadian government offers a free cybersecurity checkup that is a quick way to ensure you’re taking appropriate steps to protect your identity online.
With so much business and interaction being conducted online, sometimes it’s difficult to recognize a scam. The general rule is that if you receive any suspicious or unsolicited contact — especially if it requests personal information — it’s probably a scam.
Whether it’s the Canada Revenue Agency or your bank, legitimate agencies will not contact you requesting personal information before advising you.
Whenever conducting business online or by phone, keep these tips in mind:
TIP: Passwords should be unique to individual websites, and should be a complex series of numbers, letters and symbols. Be sure to write unique passwords down and store them in a safe place, and consider using a password manager to help you keep track of them.
Being the victim of a scam can not only be upsetting and embarrassing, but it can also have severe consequences in your life. Remember, no matter what transpires, you always have options and recourse.
Be sure to take steps to safeguard yourself against online scams, and if you feel you have been the victim of a fraud, contact your financial institution and the Canadian Anti-Fraud Centre as soon as possible.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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