Financial Scams (3 Minute Debt Break)

2022-09-06  3 minute read

Lifestyle Debt

Financial scams have been around for decades. But they seem to have never been as common, insidious and invasive as they are today. It’s easy to assume you’ll never fall for a scam. But we’re all vulnerable, and we can all become victims if we don’t know what to be aware of.

Here’s a list of some common scams, why they’re effective and how you can protect yourself or a family member from being a victim.

Young professional on laptop

Tech Support Scams… they usually begin with a phone call. A scammer will claim you have a software issue on your computer and they have been alerted to provide technical support. Don’t give any personal or payment information over the phone. And never click any website links or advertisements displaying error messages or promises to ‘clean up’ your computer.

Email and texting scams are another common scam. Phishing is by far the most common and the most successful. Generally, this involves a scammer sending you a fraudulent communication disguised to look like it’s from a reputable source such as your bank or credit card company.

Treat every unexpected communication like a potential phishing scheme until proven otherwise. Do not open attachments or click links contained in these texts or emails. If you are unsure if an email or text is legitimate, take the time to contact the purported sender through their primary contact channels, such as their website, to verify its validity.

Canada Revenue Agency Scams are another problem that have increased every year. The messages usually claim you owe unpaid taxes and there is a warrant out for your arrest — or other intimidating phrasing to that effect. They will direct you to speak with a live agent who can take your credit card information to pay off the supposed tax debt.

If you receive a call like this, hang up immediately. The Canada Revenue Agency rarely phones anyone. If they do, it will be always be about an established ongoing matter. And they will never use automated messaging or threatening tactics — nor will they ever request payment over the phone.

Major financial scams can damage your credit, drain your lifelong savings and affect your future financial stability. If you have been a victim of a financial scam which you haven’t been able to recover from, there may be a solution to your debt problems.

Set up a Free Confidential Consultation with a Licensed Insolvency Trustee to find out your options today. You may qualify for a Life-Changing Debt Solution such as Bankruptcy or a Consumer Proposal, which can help you become debt free within as little as nine months of your initial filing. Don’t let shame and embarrassment prevent you from getting the help you need to move forward. Get on the road to the financial fresh start you deserve.


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