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Little Black Book of Scams – Red Flags to look for

The Competition Bureau of Canada has published The Little Black Book of Scams 2nd Edition and it is available online at https://www.competitionbureau.gc.ca/eic/site/cb-bc.nsf/eng/04333.htm. The information is invaluable and should be of interest to virtually everyone. Over the next few months, we will be publishing the information from The Little Black Book of Scams 2nd Edition, one scam at a time. Last week we published CEO Scams. Today the topic is:

RED FLAGS: THINGS TO WATCH FOR

Learn to recognize the signs that something is amiss.

Wire Transfer. Many scams involve a request to wire money electronically using a money transfer service, like MoneyGram and Western Union, or using cryptocurrency, such as Bitcoin. Remember that sending a transfer through these services is like sending cash-once the amount is picked up, it’s almost impossible to get your money back.

Overpayment. When you’re selling something – especially online – be wary of how you get paid. A fraudster may send you a counterfeit cashier’s, personal or corporate cheque and wire the excess funds immediately back to them. Once you bank realizes the cheque is a fake, you’ll be on the hook for the money withdrawn.

Spelling mistakes. Be skeptical of emails, messages or websites that contain misspelled common words; grammar errors that make it difficult to read or expressions that are used incorrectly. Email and web addresses should also be examined closely to see if there are subtle mistakes or differences.

Personal information request. Fraudsters may ask potential victims to provide more personal or financial information than is required for the transaction or discussion. Be suspicious if someone asks for copies of your passport, driver’s license and social insurance number, or birth date, especially if you don’t know the requestor.

Unsolicited calls. You might get a call from someone claiming that you have a virus on your computer, you owe taxes or there has been fraudulent activity on your bank accounts. Know that legitimate organizations will not call you directly. Hang up and call the organization yourself using the number from a trustworthy source, such as the phone book, their website, or even invoices and account statements.

Unsolicited friend requests on social media. Don’t accept friend requests from people you don’t know until you review their profile or ask your real-life friends if they know them. Does their profile look fairly empty or have posts that are very generic. Do they seem to be promising more than friendship? These are some ref flags that point to a scam. Delete that request and block future ones.

Astounding email offers. You received a game card in the mail. It guarantees you will or have already won. Prizes might range from cars to trips. If you have not entered a contest, throw that card away. It’s probably a scam!

It is just too good to be true. Everybody loves a great deal. But shocking offers, unbelievable discounts and unreal rates may signal that the offer isn’t quite what it seems. Cheap prices usually equal cheap products, or counterfeit goods. Free offers may require providing your credit card for shipping. Small tactics like these can lead to big profits for scammers.

If you suspect a scam, always report it.

The Canadian Anti-Fraud Centre, managed by the RCMP, the Competition Bureau and the Ontario Provincial Police, has plenty of information on fraud. Power up today by visiting www.antifraudcentre.ca!

Additional organizations to contact depending on the situation:

Canadian Anti-Fraud Centre 1-888-495-8501 www.antifraudcentre.ca

Competition Bureau 1-800-348-5358 www.competitionbureau.gc.ca

Consumer Affairs www.consumerhandbook.ca

Securities Administrator www.securities-administrators.ca

Ontario Provincial Police 1-888-310-1122

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