How to Protect Yourself Against Financial Frauds in Canada?

Fraudsters may target newcomers who are unfamiliar with the rules and regulations of the Canadian financial system. You have no idea that such Frauds can bring your credit history and financial stability to negative.

Therefore, it is a good idea to educate yourself about financial fraud, the typical scam kinds that prey on new immigrants, and the precautions you should take in order to be secure and confident.

About Financial Frauds in Canada

When someone deceives you to get access to your money or personal information, financial fraud comes into place. You can be particularly susceptible to certain sorts of fraud as a newcomer to Canada.

The most typical scam schemes that prey on new immigrants include:

Selecting Immigration Consultants

To manage the procedure, you might need the assistance of an immigration consultant. After receiving payment, dishonest consultants may refuse to deliver the required documents for citizenship or employment. It is wise to conduct preliminary study before selecting a reliable consultant.

Rent Home Scams

Once you’ve reached Canada, you could be searching to rent a house. Posing as the landlord, scammers may request a deposit or the first month’s rent before taking off with your money.

Phone/SMS scams

Callers claiming to be from the Canada Revenue Agency (CRA) or another government organisation should be avoided. They could demand personal information from you or threaten to take legal action.

How to Protect Yourself Against Financial Fraud? Here’re Some Effective Tips:

To lessen the harm and stop further loss, it’s critical to act quickly if you believe you have been a victim of fraud. Here are some suggestions on actions you can take:

Block Your Account Immediately

Ask your banking institution to freeze your accounts so as to prevent additional fraud by getting in touch with them. Also, you ought to ask for a new debit or credit card.

Report to CAF

You can report fraud to your local police as well as the Canadian Anti-Fraud Centre, a national centre for reporting frauds and scams.