March is Fraud Prevention Month and on March 1st, Better Business Bureau (BBB) released its Top 10 Scam List of 2015. Scammers are always finding new ways to trick people and even familiar scams may have a different spin on them. Learning about common scams out there may be a good first step in protecting yourself.

According to the BBB’s Top 10 Scam List for 2015, the top extortion scam is the CRA income tax scam, with a total loss of $2.9 million. 

Although there are many legitimate businesses out there, here are 3 key indicators that something may be a scam:

  1. You are pressured to buy: If you are pressured to make a purchase immediately, be careful. Legitimate businesses and charities will give you time to make up your mind.
  2. You’re asked for personal or financial information: Be cautious about giving our sensitive information. Never, ever give personal or financial information to unsolicited callers.
  3. It seems too good to be true: Finally, do you remember that old saying? If it seems too good to be true, chances are it is! Always trust your gut.

According to the Canadian Anti-Fraud Centre, it is estimated that less than 5% of the total number of fraud victims report their experiences to law enforcement agencies. By reporting fraud, you provide law enforcement with the information they need to stop fraudsters and help prevent others from becoming victims. The information you provide is important! To report fraud, visit the Canadian Anti-Fraud Centre.

We hope this information was helpful!

ADDITIONAL READING:

Password day: protect yourself with these tips!
Credit card safety and that mystery, three-digit number