Valley First

Fraud Alerts

We understand that it is difficult to keep up with all of the news and information for protecting yourself against fraud. So we have provided some of the most useful information here.

 

Top 10 Scams

Top 10 Scams to watch out for in 2018

According to the Better Business Bureau, these are the most reported scams and suspicious activities of 2017, as well as consumer tips on how to protect yourself from becoming a victim of fraud in 2018

  1. Online Purchase Scams
  2. Wire Fraud - Spearphishing
  3. Online Dating Scams
  4. Employment Scams
  5. Cryptocurrency Scams
  6. Income Tax Scam
  7. Miracle Weight Loss Scams
  8. Advance Fee Loans
  9. Shady Contractor Services
  10. Fake Invoices

 

Online Purchase Scams

The most reported type of scam to BBB Scam Tracker. There isn’t just one. From fake websites to counterfeit goods to free trial traps and more, online purchase scams are everywhere.

PREVENTION TIP

  • Shop on reputable websites
  • Read all terms and conditions
  • Be wary of offers that are “too good to be true”

 

Wire Fraud / Spearphishing

Canadian businesses lose millions every year to those posing as CEOs who redirect company money through wire and email transfers.

PREVENTION TIP

  • Build in payment redundancy systems
  • Make sure email addresses are correct
  • Educate your employees about these scams

 

Romance Scam

Canadians lost a lot more than their hearts to catphishers in 2017. Online dating scams continue unabated to hurt those looking for love.

PREVENTION TIP

  • Never send money to someone you’ve never met
  • Always meet in person
  • Don’t give out personal information such as email and phone number

 

Employment Scam

Last year’s number one scam slides down the list, but still targets Canadians through reputable employment websites.

PREVENTION TIP

  • If you didn’t apply, you didn’t get hired
  • A legitimate company would not ask you to wire money as a “test”
  • Look for poor grammar, lack of job details, and over-the-top pay scale

 

Cryptocurrency Scams

Cryptocurrencies are speculative, high-risk investments that are mostly unregulated. As they have captured the attention of investors, so too have fraudsters taken notice.

PREVENTION TIP

  • There is an elevated risk of fraud and manipulation
  • Some offerings may not comply with securities laws

 

Income Tax Scam

For years Canadians from coast to coast have been targeted in the CRA tax scam. While we are getting better at recognizing it, the threatening phone calls keep coming.

PREVENTION TIP

  • The CRA does not make threatening phone calls
  • The CRA will not solicit personal information over the phone or by email
  • Canadian government agencies do not accept payment in Bitcoin

 

Miracle Weight Loss Scam

Losing weight is a goal for many Canadians. Be careful, many fat-burning products may only lighten your wallet.

PREVENTION TIP

  • If it looks too good to be true, it probably is
  • Don’t trust unsubstantiated claims
  • There is no magic pill for rapid weight loss

 

Advance Fee Loans

The shady lender guarantees you’ll get a loan. They turn around and ask for an upfront payment as security.

PREVENTION TIP

  • If you’re approved for a loan and they request money as security, walk away
  • Research reputable lenders
  • A guarantee of a loan before any credit check is highly suspect

 

Shady Contractors

Yes, this is still a problem. Contractors without a conscience who take your deposit and disappear.

PREVENTION TIP

  • Be wary of unsolicited offers of work
  • Get several estimates for a job
  • Go to BBB.org to research trustworthy companies

 

Fake Invoices

Millions of Canadians have online accounts to companies like Amazon, UPS, Canada Post, and iTunes. Your email inbox is often stuffed with realistic looking invoices from many different organizations.

PREVENTION TIP

  • Contact the organization directly if you have concerns
  • Compare details of the invoice to your original order
  • Don’t click on any links or input personal information

 

Here at Valley First we are committed to monitoring fraud trends within the financial services industry and to taking necessary steps to protect your personal information. View further fraud prevention information.

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