Stay Vigilant This Holiday Season: Protect Yourself from Scams

The holiday season brings joy and generosity, but it can also be a time when our guard is down, making us vulnerable to scams. Fraudsters are becoming increasingly sophisticated, leveraging new technologies like Artificial Intelligence (AI) to enhance their tactics. Whether it’s a call, text, or email offering a “too-good-to-be-true” opportunity or raising an urgent problem, their goal is the same: to exploit your emotions and trust.

The Rising Threat of Scams

Criminals are becoming more creative and relentless, often targeting Canadians because of our relative wealth and limited ability to prosecute foreign-based operations. Each day, thousands of scam calls are made globally, with even a small success rate yielding lucrative returns for these criminal enterprises.

Common Scams to Watch Out For

Fraudsters rely on gaining your confidence—and then using it against you. Here are some of the most prevalent scams making the rounds:

• Family Emergency Scams: Using stolen personal details or AI-mimicked voices, scammers pretend to be a loved one in trouble. They create urgency around medical bills, fines, or bail payments. Always verify such claims by contacting the individual or relevant authorities directly.

• Tech Support Scams: A fraudster poses as a technician claiming your device is infected and seeks remote access to “fix” it.

• Credit Card Confirmations: Scammers impersonate bank representatives or utility companies, asking for your card details to resolve an issue.

• One-Time Offers: Services like duct cleaning or lawn care offered at unrealistically low prices often require upfront payment.

• Fake Contests and Giveaways: Unsolicited calls or messages promising “free” rewards are usually phishing attempts.

• Phishing and Fake Websites: Links in emails, texts, or social media posts may install malware or harvest your data. Fraudulent websites mimic legitimate ones but are poorly designed or behave unusually.

• Extortion Threats: Fraudsters claim to possess compromising information about you, demanding payment for its silence.

Tips to Protect Yourself

• Verify requests: Scammers thrive on urgency and surprise. Always take a moment to confirm the legitimacy of a request, especially for payments or personal information.

• Stay informed: Familiarize yourself with common scams and keep up to date on new tactics.

• Know the facts:

  • The Canada Revenue Agency (CRA) does not request payment via gift cards or credit cards.
  • Legitimate organizations rarely ask for sensitive information through unsolicited emails or calls.

• Avoid isolation: If unsure about a request, consult a trusted friend, family member, or advisor. Financial advisors, like myself, require verification for instructions to ensure your security.

What to Do if You’re Targeted

If you encounter or fall victim to a scam, report it to the Canadian Anti-Fraud Centre at 1-888-495-8501 (Monday to Friday, 9 am – 4:45 pm ET) or visit their website: antifraudcentre-centreantifraude.ca.

The Bottom Line

Scammers exploit trust and prey on the unsuspecting. Their motives are simple: to cheat and steal rather than earn honestly. This holiday season, stay vigilant, protect your assets, and don’t hesitate to seek guidance if you encounter anything suspicious. Together, we can keep your holidays joyful and scam-free.