Financial Crime World

Preventing Financial Fraud in Canada: What You Need to Know

Reporting fraud is crucial, as it helps prevent others from becoming victims and provides valuable information to investigators. Despite its importance, a significant number of victims fail to report their experiences to law enforcement agencies.

If you suspect that you may be or have been a target of fraud, follow these steps:

Reporting Fraud: A Step-by-Step Guide

Step 1: Gather All Information

  • Take note of the name of the person who approached you, what they were trying to get you to do, and when it happened.
  • Save any relevant documentation, including:
    • Receipts
    • Cancelled cheques
    • Copies of emails and text messages
    • Shipping envelopes

Step 2: Report the Incident to Local Law Enforcement

  • Contact your local law enforcement agency and report the incident.
  • Keep a record of all calls made to the police and any file number they provide for future reference.

Step 3: Report the Incident to the Canadian Anti-Fraud Centre or the Competition Bureau

  • Contact the Fraud Reporting System (Canadian Anti-Fraud Centre) at 1-888-495-8501 or file an online report.
  • File a complaint with the Competition Bureau using their online form.

Step 4: Notify the Financial Institution That Transferred the Money

  • If you have already sent money, notify the financial institution you used to send it. This could be a bank, credit union, credit card company, or internet payment service provider.

Step 5: Report the Incident to the Website Where the Fraud Took Place (if Applicable)

  • If the fraud took place online, report it directly to the website where it occurred.

Step 6: Place Flags on Your Accounts and Check Your Credit Report

  • Contact both national credit bureaus, Equifax Canada and TransUnion Canada, to order a free credit report immediately.
  • Ask that a fraud alert be placed on your file.
  • Place a flag on your accounts with your financial institutions to prevent further fraudulent activity.

Protecting Yourself from Financial Scams

In addition to reporting fraud, it’s essential to take steps to protect yourself from financial scams. Remember to:

  • Be cautious of unsolicited emails and text messages
  • Research any charity you’re considering donating to
  • Take proactive measures to prevent financial fraud in Canada

By being aware of these potential threats and taking proactive measures, you can help prevent financial fraud in Canada.