While the technology we use for day-to-day banking continues to advance, fraudsters are perfecting their methods to get your money. Scams are becoming so sophisticated that they are increasingly difficult to detect.

Fraudsters often pose as collection agencies or financial service companies offering loans, debt consolidation and other services. Scams include unsolicited texts, emails and calls requesting urgent action or payment. They may seem to come from a financial institution, but be wary of this type of request because financial institutions will never ask for personal information, login credentials or account information by email or text.

Unless you have contacted your financial institution, you cannot be certain that a call, email or text you receive is really from your financial institution. If you are concerned, contact your financial institution. And to protect yourself, make sure you never provide your personal or financial information by email or text.

Also, do not click on any links or attachments in unsolicited texts and emails. It is always best to enter your financial institution’s website into your browser yourself.

What to do if you fall victim to financial fraud

If you are a victim of a scam, it is important to immediately inform your bank and credit card companies, if appropriate, to see whether any accounts have been opened in your name of whether your existing accounts have been tampered with. If at any time your accounts or credit cards have been compromised, change your password.

By reporting the fraud, you will save other consumers. It is important to report the incident to the local police. You can also contact the Canadian Anti-Fraud Centre at 1-888-495-8501 or fill out an online report.

Learn more about identity theft, types of fraud and other threats and scams at Canada.ca/money

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Source: www.newscanada.com