Financial scams are on the rise with Canadians reporting $530.4 million in losses in 2022, marking a 170.2% increase from the previous year. The situation in the U.S. is worse, with Americans losing over US$10 billion in 2023. Scams are evolving rapidly, and staying vigilant is crucial. Money.ca advises consumers to stay informed and protect themselves from these schemes.
Financial scams are an unfortunate reality of life for consumers. According to the Canadian Anti-Fraud Centre, Canadians reported $530.4 million in financial fraud losses in 2022, a 170.2% increase in just one year. And the situation in the U.S. is even bleaker, with the Federal Trade Commission reporting Americans lost more than US$10 billion from financial fraud in 2023.
They'll then advertise a contest where all you need to do is enter your personal information or bank details for your chance to win. As soon as any "brand" starts asking for specific information about you, red flags should be going off. It's okay to give your name and email, but if they're asking for your government ID numbers, bank account, or copies of your ID, it's probably a scam.
Online shopping scams Online shopping scams have become a prevalent issue in today's digital age. Scammers have honed their skills and are now specifically targeting online shoppers, who are particularly vulnerable to fraud. These scams are becoming increasingly sophisticated, with scammers creating fake websites and launching social media campaigns to deceive unsuspecting consumers.
The claim seems far-fetched, but it targets seniors or new immigrants who may not know any better. You'll know it's a scam when they ask you to pay by gift cards or Bitcoin. They'll also tell you that you'll be arrested or deported right away if you say anything to anyone.
CANADIAN FINANCIAL FRAUD SCAMS MONEY.LACA FACEBOOK SCAMS FINANCIAL LOSSES
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadians are increasingly pessimistic about their financial success: surveyExperts say cost of housing, global political uncertainty and economic hardship are just a few factors that have left people feeling discouraged
Read more »
Canadians are increasingly pessimistic about their financial success: surveyExperts say cost of housing, global political uncertainty and economic hardship are just a few factors that have left people feeling discouraged.
Read more »
Canadians are increasingly pessimistic about their financial success: surveyExperts say cost of housing, global political uncertainty and economic hardship are just a few factors that have left people feeling discouraged.
Read more »
Financial strategies for Canadians facing job lossIf you're facing uncertainty in your current job, personal finance contributor Christopher Liew offers some tips on building an emergency savings plan, upping your skills and expanding your network to make your job search smoother.
Read more »
Windsor sues Ottawa over costs of 2022 Ambassador Bridge blockadeThe City of Windsor is suing the federal government over the costs incurred due to the so-called Freedom Convoy blockade at the Ambassador Bridge in early 2022.
Read more »