1) Fraud Prevention Month: 1) South Simcoe Police Give Tips On How To Protect Yourself

Anna PetridisPublished: Mar 1st, 2024 10:22amLast Updated: Mar 1st, 2024 10:27am

With March being Fraud Prevention Month, South Simcoe Police have collected prevention tips and highlighted frauds circulating in our community.

Police say the “20 years of fighting fraud: from then to now” campaign sheds light on how fraudsters’ old tricks have been refined with the use of technology. It also aims to help Canadians recognize warning signs, reject suspicious claims and report fraud to the authorities.

Fraudsters spoof websites, use fake telephone numbers using voice over internet protocol, and have victims download remote entry software providing access to devices and computers, police say. They will also send out phishing texts pretending to be businesses or governments offering refunds.

Here are some ways to protect yourself from frauds and scams provided by the Canadian Anti-Fraud Centre (CAFC).

Don’t be afraid to say no or hang up the phone.
Do your research and verify information.
Don’t give out personal information.
Beware of upfront fees.
Protect your computer.
Be careful who you share images with.
Protect your online accounts.
Recognize spoofing.
Don’t be pressured into immediate action.

According to the CAFC, Canadians lost $567 million in 2023, an increase of $37 million from 2022. Despite the rise in financial losses, the rate of frauds being reported remains low, with only 5%-10% of cases being reported.

South Simcoe Police want you to remember if it seems to god to be true, then it is. Always report fraud and fraud attempts to police and the Canadian Anti-Fraud Centre.

2) Identity, Mortgage Fraud On The Rise As Economic Pressures Mount: Equifax

FRAUDSTERS TEND TO TAKE ADVANTAGE OF ECONOMIC VULNERABILITIES

Courtesy of Barrie360.com and Canadian PressPublished: Feb 28th, 2024

A new Equifax Canada survey finds people are increasingly worried about a potential rise in fraudulent activity as economic pressures build.

“Any time you see financial stress or an economic downturn, inevitably … the motivation to commit fraud increases,” said Cherolle Prince, Equifax Canada’s head of fraud and identity management consulting.

While overall fraud rates have slightly declined from a 2022 peak, identity fraud has surged. It now accounts for roughly three−quarters of all fraudulent applications across all sectors in the fourth quarter, up from about 65 per cent the previous year, the credit reporting firm said.

Prince said fraudsters tend to take advantage of economic vulnerabilities, by applying for more credit or taking on various identities to borrow more money from financial institutions. The survey found identity fraud was most pervasive in the banking sector.

Equifax Canada also says fraud is on the rise in mortgage applications — up 9.9 per cent in the fourth quarter, compared with the same period in 2022 — with Ontario seeing the highest amount.

Prince said first−party fraud — where a person provides false information — is becoming more common because people want to qualify for a house purchase they may not be able to afford.

She added the company has also seen a slight rise in true−name fraud, where someone steals a real person’s identity to commit fraud.

First−party fraud is also widespread in the auto industry. Eight in 10 fraud cases in the auto industry are first−party instances, where people lie about their income or misrepresent financial statements for a car loan, Equifax application data suggests.

The report suggested the proportion of identity fraud in auto applications has doubled since 2019, with secured lending institutions especially vulnerable to these attacks.

Canadians also feel they may be paying a higher price for auto insurance because of growing fraud, the survey shows.

About 74 per cent of respondents believe insurance fraud impacts their car insurance premiums.

“Overall, fraud impacts premiums and we’re seeing a lot of theft in cars (and) that does impact the insurers,” said Prince.

Prince says the cost of the increased number of insurance claims eventually gets passed down to consumers.

The survey questioned 1,614 Canadians aged 18 to 65 between Feb. 2 and Feb. 4 online in partnership with Leger. The survey carries a margin of error of +/− 2.5 per cent, 19 times out of 20.

Prince said lenders and businesses need to be more careful to avoid fraudsters.

She suggested lenders follow market trends to strengthen their internal strategies and look closer at red flags among applicants.

“Anything that may propose a certain level of risk, take a closer look and validate that information immediately,” she said. “I would also recommend going beyond simply trusting that the document you’ve received or the information you’ve received in the application is 100 per cent correct.”

Validating information would include verifying income and employment among other measures.

3) Huronia West OPP Intercept Grandparent Scam Attempt, Two Charged

Courtesy of Barrie360.com

Will KonkenPublished: Feb 26th, 2024

Huronia West OPP have arrested and charged two people regarding a grandparent scam investigation, say the two imitated police.

Officers say they were told of a potential scam in progress between Thursday, February 22 and Saturday, the 24th.

“The victim was contacted by phone advising that their grandson had been arrested,” OPP said in a release on Monday.

“The accused identified themselves as a Newmarket Police Officer over the phone and advised that the victim’s grandson required financial assistance to cover the cost of judge and lawyer fees to get him out of jail. The accused attended the victim’s residence three separate times to collect funds and were greeted by the Huronia West OPP on the third attempt.”

A 24-year-old London man was charged with:

Adult Fraud Over $5000
Adult Resist Peace Officer

The accused was held for a bail hearing.

And a 25-year-old Bowmanville man faces one charge of:

Adult Fraud Over $5000

He was released with a future court date.

Huronia West OPP provided the following information about grandparent scams and how to stay safe.

WHAT IS A GRANDPARENT/EMERGENCY SCAM?

Emergency scams, including variations called “grandparent scams”, use urgency and the manipulation of emotions to extort money from victims. In these scams, fraudsters cold call seniors, on landline phones, claiming to be a grandchild, family member, law enforcement officer or lawyer calling on behalf of their loved one. They will say that the person’s loved one was involved in an emergency situation, such as a collision, charged by law enforcement, legal peril, being sick or injured, etc. They demand the senior provide payment immediately for supposed bail, legal fees, fines, or other amounts “owed” to stop the family member from going to jail or to get them released from custody. This is a scam.

The fraudsters isolate the victims by informing them that there is a court-imposed gag order, and they are forbidden from discussing the matter. The victims are directed to attend their financial institution to withdraw the requested amount in cash. The fraudsters will then send someone to pick it up from the victim’s home or have the victim send the money via courier services. There have also been reports of victims paying with cryptocurrency.

WARNING SIGNS – HOW TO PROTECT YOURSELF

If you receive a suspicious phone call claiming to be from a family member in an emergency, hang up the phone and contact them directly on the number you have in your contact list.
If the caller claims to be a law enforcement official and asked you to pay a fine or bail, hang up and call your police directly. A Police Officer will never call you and ask for money.
Listen to that inner voice that is screaming at you: “This doesn’t sound right”.
Be careful what you post online. Scammers can use details shared on social media platforms and dating sites for targeting purposes. Suspects can easily gather names and details about your loved ones.
Be suspicious of telephone calls that require you to immediately take action and request bail money for a family member in distress.
Be careful with caller ID numbers that look familiar. Scammers use technology to disguise the actual number they are calling from (spoof) and make it appear as a trusted phone number.
If you receive an email or text message claiming to be from a friend or loved one asking for money, make the outgoing call to the person by looking up the legitimate phone number you have for them in your contact list.
Use unique and strong passwords for all social media and email accounts.

If you know a grandparent, please reach out to them, and have a conversation on what to do if they get a phone call like this.

YOUTUBE:

English – Grandparent Scam Video

French – Grandparent Scam Video

TWITTER:

Twitter – Grandparent scam tips

FACEBOOK:

Facebook – Grandparent scam tips

Anyone who suspects they have been the victim of cybercrime or fraud should report it to their local police and to the Canadian Anti-Fraud Centre’s online reporting system or by phone at 1-888-495-8501. If not a victim, report it to the CAFC anyway at Report fraud and cybercrime (antifraudcentre-centreantifraude.ca)

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Patricia Dent

Business Mentor & CEO at Grow Vantage & Ask For Directions Training

Business Mentor at Ask For Directions Training and Grow Vantage
Patricia is the Business Mentor and owner of Grow Vantage and a Past President of the Barrie Chamber of Commerce. She applies over 30 years of business experience (from start-up to corporate) to mentor entrepreneurs. Since 2011, she has held over 6,500 coaching and training sessions in-person and online. Through Ask For Directions Training, her entrepreneurial training program (and parent company Grow Vantage), and as a business coach, she works with start-ups who are new (or who have lost traction) to design, launch and grow their businesses. Along with 20 other expert instructors she teaches strategies in marketing, sales, communications, and finance, as well as practical techniques to increase productivity, and manage their businesses. In other words, everything entrepreneurs need to learn to grow and run their businesses successfully, and avoid the costly mistakes they can't even see coming - that lead to delays in growth and getting stuck.

Fraud Prevention Month: 1) South Simcoe Police Give Tips On How To Protect Yourself 2) Identity, Mortgage Fraud On The Rise As Economic Pressures Mount: Equifax; 3) Huronia West OPP Intercept Grandparent Scam Attempt, Two Charged