March is fraud prevention month. The Canadian Anti-Fraud Centre reported that victims lost over 20 million dollars to fraudsters last year. Even more concerning is that only 1% of victims ever report the crime, meaning the estimated total losses could be more than 2 billion dollars!

Fraudsters are becoming increasingly tech-savvy every day and continually try new techniques to steal our money. It’s essential that we protect ourselves against would-be scammers. Here are a few tips to protect yourself:

  • Shred everything! Never discard bills or personal information without shredding them first.
  • Don’t respond to calls, texts, or emails that you haven’t initiated
  • Check your credit report at Equifax & TransUnion at least twice per year
  • If you are concerned, set up proactive fraud alerts; this way, you will be contacted anytime your information is being used to apply for credit
  • Keep track of your mail; what bills/statements come in and when
  • What’s in your wallet? Remove all unnecessary documents like your SIN card & Birth Certificate
  • Lock up important documents and paper – invest in a safe for the basement
  • Monitor your bank accounts and credit cards every week on-line
  • Set up large purchase alerts on your debt and credit cards
  • Consider getting Title and ID Theft insurance

Ask Questions

So many times, people come to me to ask if an investment they learned about online or heard of through a friend is legitimate. The only way to know is to ask questions of the person selling the investment.

  • What investment products are you licensed to sell?
  • What regulatory bodies oversee your work?
  • What do you charge – how are you compensated?
  • What types of statements will I receive and when?
  • What are the guarantees or returns I should expect?
  • Will you provide your recommendation in writing?
  • What types of clients do you work with?

In this era of cyber fraud, it is crucial to be aware of the risks and know how to protect yourself and your money. Have a great weekend.

Happy Spring!

Tracey & Paige

Source: https://kelleykeehn.com/blog/protecting-your-parents-from-fraud-2/

Photo by Vitaly Gariev on Unsplash

Products or services related to investments, investment recommendations, financial planning, retirement planning, and investment reviews are provided through our mutual fund dealer Security Financial Services and Investment Corp. 4665 Yonge Street, Suite 309, Toronto, ON M2N 0B4 t 416.964.0440