Fraud must be rooted out and the costs to settle claims must come down.
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We've all been there: an email arrives in your inbox promising you thousands (if not millions!) of dollars' worth of prize money. You can't remember entering any contests, but oh well. There's just on...
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Canadians are under a constant barrage of fraudulent activities. The Canadian Anti-Fraud Centre (CAFC) reports that in January and February alone more than 3,300 Canadians were bilked out of $9.8-million in mass marketing frauds, while 5,600 people had their identities stolen with losses totalling $1.9-million.
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As a personal finance expert I know how important security is. You can spend years saving wisely, only to be duped by a savvy fraudster. Read about all of that in the Little Book of Scams provided by the government of Canada. It outlines all the latest ways fraudsters are trying to get their hands on your information.
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I know no one wants to think they could ever be a victim of fraud however the reality is thousands of Canadians lost more than 10 million dollars to identity fraud in 2014 and authorities say this figure is on the rise year after year. The sad thing is some Canadians do not even know they are the victim of fraud until something extreme happens.
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March is Fraud Prevention Month in Canada and it's timely to remind Canadians that everyone is vulnerable and that vigilance, knowledge and the confidence to fight back are powerful deterrents to fraud. A 2016 survey from the Chartered Professional Accountants of Canada (CPA Canada) demonstrates deeply held concerns about fraud and identity theft.
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According to the Canadian Anti-Fraud Centre (CAFC), mass marketing fraud is an enormous business that consistently claims victims who have not taken the time to verify with whom they are dealing. In fact, the CAFC says the surest way to avoid fraud is to verify, verify, verify.
As a frequent flyer, and having relocated to two different countries in as many years, I am always hyper aware of where the important things are. Whether in transit or working at a local café, I am constantly checking that I am in possession of three things at all times - my smartphone, my wallet and my MacBook Air.