This year for Fraud Prevention Month, the TD Newsroom shared tips and information designed to help identify the most common fraud scams affecting Canadians.
From online lottery scams and email phishing attacks to phony calls purporting to be from the Canada Revenue Agency, below is a roundup of some of the more common types of fraud affecting Canadians and what you can do to protect yourself and your loved ones.
Scams targeting seniors
Older Canadians are increasingly becoming the target of potential fraudsters and nearly 6 in 10 (59 per cent) respondents to a recent TD Fraud survey said they're worried that older family members may be vulnerable to fraud.
In 2016, more than 800 Canadians fell victim to the grandparent scam[i] and lost more than a million dollars in total – and the Canadian Anti Fraud Centre (CAFC) estimates that only a small fraction of victims report these types of frauds due to embarrassment.
The lottery scam
Most people have daydreamed about winning the lottery at some point. Unfortunately, fraudsters use this opportunity to prey on Canadians in what is commonly referred to as a lottery scam. Here's what you can do to protect yourself.
The Canada Revenue Agency (CRA) scam
Have you ever received a call purporting to be from the Canada Revenue Agency (CRA), alerting you that you have unpaid taxes that need to be paid immediately, or you will be arrested? Read about the CRA scam to learn more.
Though fraud attacks are becoming more sophisticated, the good news is that more than two-thirds (69 per cent) of Canadians are actively taking measures to protect themselves and adopting digital tools to combat technology-based frauds.
For almost anyone who works in an office, receiving a flood of emails is just part of the daily routine. But did you know some emails can be sent by a fraudster trying to scam your company?
And finally, Rina DeGrazia, TD's Vice President, Financial Education talks about several different kinds of scams to watch out for and provides tips on how you can protect yourself and your loved ones from financial fraud.