Can you spot a fraud? Last week, Momentum had the pleasure of hosting Your Money Seniors which went over the 3 most common scams that are targeting seniors and how to prevent and report it.
Although the presentation is designed for seniors, there were many warning signs mentioned that could help you spot fraud and prevent it from happening to you.
- Personal or Financial Information – if someone initiates a conversation with you and asks for either personal or financial information whether it’s by phone, email, or text be wary of giving them any information. Companies that you deal with should have that information and wouldn’t need to request it from you.
- Requesting Personal Identification Number (PIN), Password or Hints ie. What’s your mother’s maiden name – Unless you initiated the call to your financial institution, no one should be requesting any information from you to confirm your identity.
- Missing Mail – if you ordered cheques or a new credit card, ask your bank what’s the expected turnaround time for delivery. Inform your financial institution to investigate if the product still hasn’t arrived in a timely manner.
- Requesting full payments for goods/ services upfront – It’s not good practice to pay for a good or service before it has been received, so be careful if someone asks for money that they have yet to earn.
- Act now! – if you ever feel pressured to act immediately, take a step back and do your research. You work many hours for that hard earned money, just as it took you some time to make, it should also take you some time to consider whether it’s worth spending.
Financial fraud can happen even to the best of us, if you become a victim of fraud, as embarrassing as it may feel, do contact the proper authorities. To avoid this, be careful and follow the warnings above.
Check out Three Tips for Safer Online Banking for more advice on fraud prevention.