Excerpts of a TD Newsroom article on the same topic published March 19, 2020.
Fraudsters always try to profit by targeting vulnerable people through various means, including phone calls, email, texts and mail. These bad actors are increasingly contributing to financial loss, with Canadians reporting over $100 million in losses in 2019 alone according to the Canadian Anti-Fraud Centre.
- Malware and Phishing
Malware is a catch-all term for various forms of malicious software, including spyware, browser hijacking software, and fake security software. One of the most common ways malware is spread is through phishing emails.
- Scamming seniors
Seniors are increasingly being targeted by financial fraudsters. They often prey on seniors by creating a false emergency or false sense of urgency around why the funds are needed. Help protect your family members by educating them about common scams, such as the 'grandparent scam', where grandparents are conned into sending money to someone pretending to be their grandchild or another family member in a foreign country.
- Business email compromise
Email is not a secure mode of communication and fraudsters can use it to their advantage. Remember to validate payment instructions on the phone or face-to-face and treat any message that claims a change was made to an account as a red flag.
- E-Transfer fraud
E-transfer fraud occurs when a third party intercepts an email money transfer and correctly guesses or obtains the password, robbing the sender of their funds.
- Monitor official sources
If you are searching for information, visit official government sites like the Government of Canada. Only visit news organizations that you know and trust and don't click on links or visit sites that you don't recognize as they could contain malware. Remember the old adage – if it seems too good to be true, it probably is.
- Suspicious emails
Always check to see if you recognize a sender’s email address, and even if you do, do not click on any links if anything appears irregular or strange. Remember the old adage – if it seems too good to be true, it probably is.
- Recognize the “romance scam”
Another common type of scam is the “romance scam,” in which fraudsters use legitimate dating websites to extort money from someone looking for companionship.
This content discusses current topics of interest in a general and informational manner only and may not be appropriate in all circumstances. Please ensure that you seek advice personalized for your situation from the appropriate professional, consultant or subject matter expert on the topic of interest to you.