Why do Canadians keep falling for scams?

Sponsored By
Equifax
Fraudsters are getting ever more sophisticated at creating identity theft scams in Canada. No one is immune, but there are ways to protect yourself.
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Sponsored By
Equifax
Fraudsters are getting ever more sophisticated at creating identity theft scams in Canada. No one is immune, but there are ways to protect yourself.
Many Canadians have learned common telltale signs of phishing emails and fraudulent websites, such as poor spelling, fuzzy logos and sketchy-looking URLs. That knowledge is key, but it’s no longer enough to avoid becoming a victim. Scams are always evolving, becoming more sophisticated and more convincing. And, with new technology tools like artificial intelligence (AI) at their fingertips, fraudsters are refining their tactics to better trick people, as well as casting a wider net to lure more victims.
That’s why no one in Canada is immune to scams—they’re becoming harder to detect and harder to avoid. However, you can protect yourself with updated knowledge and some tech tools of your own—including a credit monitoring service that keeps watch on your behalf. Let’s look at the impact of ID theft in Canada and what you can do to safeguard your identity and your finances.
If your personal information, such as banking details or your social insurance number (SIN), is stolen, there can be short-term and long-term consequences.
For example, fraudsters could try to open a credit card or a line of credit in your name, which can hurt your credit score. A bad score can take a long time to build back up, and that can affect your ability to apply for new credit cards, mortgages and car loans. Depending on what information they’ve stolen, scammers can sometimes take money out of your bank account, make purchases or even apply for government benefits in your name. The stress of trying to fix everything yourself can take a toll, and it can take years to recover from identity fraud.
Fraudsters are clever, and they’re constantly thinking up new ways to scam Canadians. They also exploit seasonal opportunities, like tax time, to fool people. Some recent scams to watch for:
Many scams follow the same general script, whether by text, email or phone call: They pretend to be from an official institution. They try to pressure you into revealing your personal information, usually by clicking a link and filling out information, or they demand you immediately pay them with an unusual method, like cryptocurrency or gift cards.
Bottom line: If something feels off, in any way, then it probably is. Be skeptical of all communication and don’t engage with suspicious senders. Instead, connect with organizations directly by using their official contact information on their websites.
Telltale signs of being a target of fraud can include unauthorized transactions on your credit card and/or in your bank account, statements from accounts you didn’t open, an unexpected credit inquiry or dropping credit score, or the CRA rejecting your tax return, saying that it’s already been filed.
If you think you may be the victim of identity theft or a scam, then you should immediately report it to the relevant authorities and organizations:
Equifax Complete Protection is a credit and cybersecurity protection service designed to help Canadians spot the signs of identity fraud faster.
Subscription price: $34.95 per month
A credit monitoring service such as Equifax CompleteTM Protection can help you stay on top of any potential impact from ID theft, including things you can’t see. Here are some of its many features:
Equifax Complete Protection gives you a way to deal with the fallout of ID theft and ID fraud. These tools can help you feel more confident in protecting your credit and identity.
While no one is immune to becoming a victim of identity theft, you can be pro-active and fight back with high-tech tools. By signing up for Equifax Complete Protection at $34.95 a month, you will have access to a suite of advanced tools to help you both recover and protect yourself from being a future target.
This is a paid post that is informative but also may feature a client’s product or service. These posts are written, edited and produced by MoneySense with assigned freelancers.
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