Banks and Government Officials Warn of New Scams Targeting Canadians

A Growing Concern: New Scams Threaten Canadian Finances

The Bank of Nova Scotia and government officials are sounding the alarm on a range of new scams targeting Canadians, including SIM swaps, gift card fraud, e-Transfer scams, and service scams. These sophisticated and widespread scams have resulted in millions of dollars lost by unsuspecting victims each year.

SIM Swaps: A New Form of Identity Theft

One of the most insidious scams is SIM swapping, where fraudsters hijack a victim’s phone number and gain access to their personal information. This can lead to identity theft, financial losses, and even reputational damage.

“This can result in identity theft, financial losses, and even reputational damage,” warned officials at Scotiabank.
Experts recommend increasing awareness about identity theft scams to safeguard your personal information.

Gift Card Fraud: A Growing Problem

Gift card fraud has also become a significant concern, with criminals using stolen credit cards to purchase gift cards and then reselling them online. This scam can result in substantial financial losses for both individuals and businesses.

“This scam can result in substantial financial losses for both individuals and businesses,” said the Financial and Consumer Services Commission.
To avoid falling victim to this scam, be cautious when purchasing gift cards online or in-store.

E-Transfer Scams: A Rising Threat

E-transfer scams involve fraudsters posing as legitimate companies or individuals, asking victims to send money via e-transfer. Once the funds are transferred, they are often gone forever. The devastating consequences of this scam were highlighted by a TD bank customer who lost $480 after an e-transfer was cancelled.

“These scams can result in financial losses and even physical harm for unsuspecting victims,” warned officials at Scotiabank.
Experts recommend being cautious when receiving unsolicited requests to send money via e-transfer.

Service Scams: A New Form of Fraud

Service scams involve criminals offering fake services, such as tech support or home repair, and then demanding payment upfront. These scams can result in financial losses and even physical harm for unsuspecting victims.

“These scams can result in financial losses and even physical harm for unsuspecting victims,” warned officials at Scotiabank.
To avoid falling victim to this scam, be cautious when receiving unsolicited offers for services.

What to Do If You’re a Victim of Fraud

If you think you’re the victim of an identity scam, contact your banks and credit card providers immediately. You can also report fraud and cybercrimes to the Canadian Anti-Fraud Centre (CAFC) by calling 1-888-495-8501 or visiting their website.

Remember, Scotiabank will never send you an email or text asking you to provide personal or financial information.
Stay informed, stay vigilant, and protect yourself from these evolving fraud tactics.