Tips to Prevent Financial Fraud

In case you haven’t already heard, March is Fraud Prevention Month – and, boy, is there ever a lot of fraud to prevent out there! From phone scams to Internet phishing, it’s enough to make the average person a super-paranoid mess.

Don’t give out financial information over the phone

Every year, Canadians get duped into divulging financial information over the phone to scammers. This video by Toronto Police Services re-enacts an “Advanced-Fee Fraud” scam that affected approximately 406 Canadians in 2011, costing them over $1,225,000. It’s estimated that less than 10% of victims report the crime.

http://www.youtube.com/watch?v=EbQos0pICaA

Protect your financial documents

Paper bills and statements are a pain – not only do they clutter up your house, but they also contain a ton of confidential information. If you’re finding it a hassle to continuously shred them, consider going paperless. Most banks and financial institutions offer this option now, but you can also ensure they all end up in the same place online at https://www.epost.ca/

Don’t overshare your credit card info

Apparently in this age of email and mobile devices, people are being a little less protective of their credit card information – particularly 18-34-year-olds. Over 40% of this demographic have admitted to emailing their credit card information, loaning out their cards and sharing their PIN numbers. Tsk tsk!

http://www.cbc.ca/news/business/story/2013/02/26/business-visa-young.html