Fraud Prevention Month

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BBB along with a number of consumer and volunteer groups, government agencies and law enforcement organizations use the month of March to join forces and educate Canadians on how to recognize, report and stop fraud.

Every Monday in March, BBB will be posting an informative Fraud Prevention Tip on this site. Below you will also find links to other important fraud prevention organizations. 

Education and common sense are the key elements to protecting yourself from becoming a victim of fraud. Educate yourself and stay informed!


Weekly Fraud Prevention Tips
March 14, 2011

Financial Elder Abuse

Reports of financial fraud related to elder abuse are on the rise on Vancouver Island. The Island is an attractive destination for retirees and it is estimated that over 18 per cent of the population is 65+ years old. This makes Vancouver Island a hot bed of activity for unscrupulous scammers looking to take advantage of the senior population.

Common financial elder abuse frauds:
1) Undue influence - Vulnerable seniors are often duped into making financial decisions that impact them dramatically by someone they know or someone appearing in an 'official' capacity who swindles them into giving up money, property, decision making capacity or personal information.

2) Unauthorized access to banking or financial information - Building up a relationship of trust some scammers use this to entice elders to hand over private banking and financial information such as bank account numbers, credit card numbers, account balances, passwords and PIN numbers.

3) Unsolicited home repair work - Knowing that many elders are limited physically and possibly unable to complete many routine home repairs, fraudsters will often point out a project that may need doing at a senior's residence.

4) Telemarketing and mail fraud - Everyday thousands of seniors are targeted by fraudulent telemarketers who often pretend to sound official while conducting credit card fraud, lottery scams, investment scams and identity theft.

Recognizing the patterns of fraud:
If you know of a vulnerable senior be wary of the following signs:
• Belongings or property is missing;
• Unusual activity in bank accounts;
• Complaints from senior that they suddenly cannot afford normal purchases;
• Suspicious stories about strangers or people they know getting involved in personal affairs;
• Unnecessary purchases (often with large price tags);
• Sudden changes to Power of Attorney or Will;
• Sudden interest in investment or business opportunity;
• Claims they have won a prize, lottery or vacation;
• Numerous unpaid bills;
• Bounced cheques.

If you or someone you know has become a victim of financial elder abuse report to your local police immediately.

For more tips on protecting seniors from financial fraud visit:


March 7, 2011

Debit & Credit Card Fraud

It is sometimes difficult to believe that the small communities on Vancouver Island would be hot targets for credit and debit card fraud, but the truth is that anywhere credit and debit cards can be used, the reality of such fraud exists. 

So how can you protect yourself from becoming avictim of debit and credit card fraud? While it is impossible to prevent it, keep in mind the following activities that will help you in recognizing the patterns of debit and credit card fraud:

1)Blocking & Trapping Devices: Blocking and trapping devices are often inserted into ATM devices to steal your card directly from the machine or to trap the money you withdraw from your account. In both cases the thief is often lurking nearby watching you enter your PIN and/or waiting foryou to move away from the machine in order to steal your card or your cash.

2)Card Skimming, Overlay and Fake Pin Pad Devices: Card skimming occurs when a device external to the ATM is used to capture your account information such as your PIN number, account number and balance. Fake ATM machines, fake pin pads and other overlay devices (ie. a dishonest clerk makes an extra carbon imprint of your credit card) are more and more commonly being used to steal credit and debit card data. Such devices can often store hundreds of debit and credit card data before being removed by thieves.

3)Shoulder Surfing & Video Cameras: Video cameras and PIN spies often lurk near ATM and POS terminals recording your PIN  and account information. Once thieves have your PIN and account information thieves will make magnetic strips to reproduce your card.

4)Dumpster and Mailbox Diving: Some debit and credit card information is stolen when thieves sift through your garbage or recycling looking for discarded receipts, carbon copies or banking statements. Other times thieves will steal you mail if they recognize that it contains a banking statement.

5)Lost or Stolen Wallets: A significant amount of credit and debit card fraud still occurs the old fashion way, when you lose your wallet or someone steals your cards from it. In the majority of circumstances the theft often occurs by someone you know or who has access to your personal space (i.e.family, friend, housekeeper etc.).

6)Online Transactions: An ever-growing number of people are making purchases via the web, exposing their credit and debit card information to cyber criminals. Most online credit and debit card fraud does not occur via secure sites or online payment services, but when account information is transferred via email, unsecured websites or entered on a computer in which spyware isinstalled. 

For more tips on protecting yourself from debit and credit card fraud visit:

http://vi.bbb.org/article/protecting-yourself-from-debit-and-credit-card-fraud-25906

March 1, 2011

Prevent Identity Theft

Identity theft can happen to anyone at any time. While Identity theft fraud appears to be decreasing, the financial impact of identity theft can be significant for the victim. It’s estimated that ID Theft costs Canadians about 21.5 million dollars per year. While its impossible to ensure that your identity is never stolen, there are a number of simple things you can do to reduce the risk of becoming a victim.

Don’t give it out
Make it a rule to never give out your personal information such as your full name, birth date, bank account or credit card information over the phone, through the mail or via the Internet, unless you have specifically initiated the contacted and know and trust the person or company you are dealing with.

Check your statements
Check your bank, credit card and account statements regularly for activity. It is a good idea to keep your receipts from the past month and carefully compare your transactions with your monthly statements. If you notice an unusual transaction be sure to contact your financial institution to discuss it.

Check your credit report
Be sure to check your credit report annually. Doing so, will not only help you keep track of the status of your personal credit, but it will also help you identify any fraudulent activity should your identity be stolen.

If you think you’ve become a victim of identity theft contact your financial institutions and the police immediately.