"Your Financial Toolkit": to help you keep your money and your financial identity safe.
March is Fraud Prevention Month—if it sounds 2 Good 2 B true, it
OTTAWA, March 1, 2013 /CNW/ - "This investment will give you high
returns with little or no risk—guaranteed!" "Act now, tomorrow will be
too late!" "Don't tell anyone else—then everyone will know about this
loophole!" These pitches are only a few of the red flags that will help you recognize scams and frauds.
"One of the most effective ways to keep yourself safe is to learn how to
spot a possible fraud," says Ursula Menke, Commissioner of the
Financial Consumer Agency of Canada (FCAC). "To help consumers who want
to learn more about fraud, the Agency has developed a wide range of materials—including videos, tip clips, case studies, tip sheets and quizzes."
On March 12, FCAC will be participating in "2 Good 2 Be True" Day,
during which Canadians will be encouraged to talk about fraud on
Twitter using the #2good2Btrue hashtag and share tips for recognizing, reporting and stopping it. They
can also share experiences they've had and scams they're aware of.
To educate the public about financial crimes and fraud, a one-hour forum
on Twitter called "#Fraudchat" takes place every Thursday, from 9 p.m.
to 10 p.m. EST. This live online chat, moderated by the Financial
Crimes Unit of the Toronto Police Service and the Financial Services
Commission of Ontario (FSCO), seeks to educate and exchange ideas with
the public about financial crimes and fraud through the use of social
During Fraud Prevention Month 2013, #Fraudchat will cover the following topics:
March 7: home renovation scams
March 14: auto insurance fraud
March 21: life insurance fraud
March 28: staged motor-vehicle accident fraud.
Financial fraud is a growing problem worldwide. In Canada, the Canadian Anti-Fraud Centre (CAFC) received almost 39,000 complaints of mass marketing fraud with
reported losses of over $53 million in 2012. Another 17,000 claims
related to identity fraud/identity theft, and cost victims more than
$16 million. In many cases, victims are too embarrassed to report fraud
or even tell their family and friends they've been scammed, making it
easier for fraudsters to ensnare new victims.
What can you do to keep your money and your financial information safe?
Here are some tips to help you avoid becoming a victim of fraud, as
well as what to do if you are scammed.
Tips to protect yourself:
Don't share personal information freely.
Destroy documents with personal information.
Keep your wallet or purse safe.
Don't carry ID you don't need, such as your Social Insurance Number
Lock your household mailbox if possible.
Check your credit report once a year (you can order it for free from the two credit reporting
Make sure websites are secure before transmitting personal information.
Delete emails that ask for personal information.
Keep computer firewalls and spyware filters up to date.
Keep your computer passwords in a safe place.
Be skeptical—if an offer sounds too good to be true, it probably is!
Save paper bank records for at least a year in a safe place.
Steps to report fraud:
FCAC's website has information on identity fraud, debit card fraud, credit card fraud, email and phone fraud and real estate fraud. Online Fraud includes tips on how to prevent identity theft and fraud when using public wireless Internet access and social networking sites. There are also tips on spotting housing frauds and scams, employment fraud, investment fraud, payment scams and other kinds of financial fraud.
With educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) provides objective information about financial products and
services to help Canadians increase their financial knowledge and
confidence in managing their personal finances. FCAC informs consumers
about their rights and responsibilities when dealing with banks and federally regulated trust, loan and
insurance companies. FCAC also makes sure that federally regulated
financial institutions, payment card network operators and external
complaints bodies comply with legislation and industry commitments intended to protect consumers.
You can reach us through FCAC's Consumer Services Centre by calling
toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by
visiting our website: itpaystoknow.gc.ca.
Follow @FCACan on Twitter
Like Financial Consumer Agency of Canada (FCAC) on Facebook
Like Financial Literacy Month in Canada on Facebook.
Subscribe to FCACan on YouTube
Follow Financial Consumer Agency of Canada on LinkedIn
Join the Partnering to Turn Financial Literacy into Action group on LinkedIn.
Video with caption: ""Your Financial Toolkit": to help you keep your money and your financial
identity safe.". Video available at: http://stream1.newswire.ca/cgi-bin/playback.cgi?file=20130301_C9388_VIDEO_EN_24154.mp4&posterurl=http://photos.newswire.ca/images/20130301_C9388_PHOTO_EN_24154.jpg&clientName=Financial%20Consumer%20Agency%20of%20Canada&caption=%22Your%20Financial%20Toolkit%22%3A%20to%20help%20you%20keep%20your%20money%20and%20your%20financial%0D%0Aidentity%20safe%2E&title=March%20is%20Fraud%20Prevention%20Month%21&headline=%23FPM2013%20Recognizing%20and%20reporting%20scams%20helps%20everyone
Image with caption: "Follow the conversation live at #FPM2013 (CNW Group/Financial Consumer Agency of Canada)". Image available at: http://photos.newswire.ca/images/download/20130301_C9388_PHOTO_EN_24189.jpg
SOURCE: Financial Consumer Agency of Canada
For further information:
Media Relations Officer
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