Interac Survey Reveals Government Impersonation Scams as Most Prevalent Financial Fraud Scheme in Canada

Toronto, CANADA - According to a new survey by Interac Corp., government impersonation scams are the most common financial fraud schemes in Canada, with over 42% of respondents reporting they have been targeted.

Key Findings from Interac’s Survey

• Government impersonation scams are the most prevalent financial scam in Canada, representing 42% of respondents.
• 53% of Canadians believe that being targeted by financial scams is a common occurrence.
• Four in ten Canadians express concerns about falling victim to these schemes.

Canadians Urged to be Vigilant Against Scammers

Rachel Jolicoeur, the Director of Cyber Market Intelligence and Financial Crimes at Interac, warns Canadians to be cautious against government impersonation scams. Scammers posing as representatives from official institutions, financial advisors, or international parcel services try to create a sense of urgency to manipulate their targets.

Stay Safe from Government Impersonation Scams

To protect against government impersonation scams, Interac advises Canadians to follow these guidelines:

1. Scrutinize unexpected calls or emails from government agencies, financial advisors, or parcel services.
2. Do not click on unverified links, which could redirect you to phishing websites.
3. Verify the contact information of the supposed institution or individual before giving out any personal or financial information.

Federal Government Warnings on Financial Scams

The Canadian government, particularly the Canadian Revenue Agency (CRA), has issued several warnings about financial scams in recent months. Here are some common types of scams the CRA has addressed:

• Climate action text scams
• Credit card scams
• Schemes to access CRA accounts
• Extortion phone calls demanding payments

The CRA reminds Canadians that they will not use aggressive language or demand immediate payments over the phone.

Reporting a Financial Scam

If someone falls victim to a financial scam, Interac advises contacting their financial advisor, credit bureau, and reporting the incident to the police. Sharing the news with friends, families, and extended networks is also crucial to help spread awareness about various scams and how to recognize them.

Self-Reflection and Forgiveness are Important After a Scam

Aseel El-Baba, co-founder of Mindfulness and Money, encourages those targeted by financial scams to forgive themselves. It’s essential not to blame oneself too harshly after being scammed to maintain emotional and financial well-being.

By following the guidelines above, Canadians can better protect themselves against potential financial scams and create a more secure financial landscape.