Beware of holiday scams

Beware of fraud during the holiday season

The Financial Consumer Agency of Canada (FCAC) urges Canadians to be extra careful to protect themselves from the high risk of fraud during the holiday season.

As Canadians shop more and travel more during this time of year, fraudsters are more active. The ACFC shares some examples of frauds and scams to be aware of:

Identity Theft

In cases of identity theft, fraudsters can use another person’s personal information for criminal purposes. This information is used to open new bank accounts, apply for loans and credit cards, or make online purchases.

Grandparents scams “grandparents”

A “grandparents” scam occurs when fraudsters contact an elderly person and pose as a grandchild or other relative or friend. They convince the victim that their relative or friend is in trouble and persuade them to send them money to pay for expenses, such as bail or medical bills following a car accident while traveling.

Impersonation of officials

In the past, scammers have pretended to be an employee or the commissioner of FCAC. These incidents targeted bank employees and consumers by asking them for personal and financial information and, in some cases, demanding payment of a balance (due taxes or fees related to an investment).

Guaranteed Investment Certificate (GIC) Offer Scam

A fraudulent GIC offer is circulating. It refers to Manulife and Manulife Bank. Fraudsters pose as Manulife representatives and ask their victims to transfer money to open a fake GIC account. The company is aware of the situation and is asking people to be vigilant.

If you have been the victim of scam, fraud or cybercrime, please contact your local police department and the Canadian Anti-Fraud Center as soon as possible.

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