New Scams to Avoid

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According to a new new study by TransUnion, digital fraud attempts in Canada are growing twice as fast as the percentage rise globally, and the focus of the attacks is shifting.

TransUnion, one of two credit monitoring services in Canada recently analyzed billions of transactions and found the rate of suspected digital fraud attempts across industries rose 16.5% globally when comparing Q2 2020 and Q2 2021.1 In Canada, the percentage of digital fraud attempts increased at a  higher rate of 44.9% during the same time period.

Another study by TransUnion reveals that one in three Canadians say they have been targeted by a digital fraud scheme related to COVID-19 in the second quarter of this year.

Phishing, in which the fraudster uses email, text messages and websites to steal personal information, is the most common attack. In Canada 41% of those targeted said this was the method. The second highest was stolen credit cards or fraudulent charges at 25%.

Tips and take-a-ways:

  • Be very careful downloading apps and games that ask for your credit card or other banking information and access your phone’s information
  • Be vigilant when clicking any attachment or link- even if it looks like it’s coming from a friend, especially on social media
  • Check into home owners and tenants insurance for identity theft coverage.  If you haven’t updated your policy in a while, call up your broker because older policies don’t offer this type of coverage
  • Check your credit report often to see if there’s any unusual activity like someone applying for credit in your name.  Right now, you can check your credit report for free online with both TransUnion and Equifax.  Equifax is also allowing you to check your score for free online as well.  Many bank apps also allow you to check your credit report.  But you should check both of your reports at least once a year (your bank usually only shows you your TransUnion report).

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