Fraud Prevention Month: Know the Red Flags of Fraud

SAINT JOHN, New Brunswick, March 01, 2019 (GLOBE NEWSWIRE) — March marks Fraud Prevention Month in Canada. The Financial and Consumer Services Commission (FCNB) is taking this opportunity to help New Brunswickers recognize the red flags of frauds and scams.  FCNB provides resources that can help consumers from being scammed.

In early January, the Canadian Anti-Fraud Centre reported that New Brunswickers lost $1.1 million to fraud in 2018. This figure is considered low because it is estimated that 95 per cent of frauds and scams go unreported. The impact of fraud goes well beyond financial loss.

“This is the 15th anniversary of Fraud Prevention Month in Canada and during those 15 years we have seen fraudsters using evolving technology to find new ways to target consumers,” said Rick Hancox, Chief Executive Officer of FCNB. “Even though the scammer’s pitch may change with the times, the red flags of fraud tend to be common across all different types of scams. We provide information on these red flags of fraud at FCNB.ca. We also warn consumers about current scams through our alerts and subscription services and provide tips on how to protect themselves and those around them.”

According to FCNB, learning to recognize the red flags of scams, being wary and being vigilant can protect against the devastating impact of fraud.  Here are some common red flags:

  • Fraudsters pressure you to act fast before you have the time to think it over, review any contracts or ask for a second opinion.
  • Fraudsters try to gain your trust quickly by bonding over shared groups and activities. They will pretend to have your best interests at heart.
  • Fraudsters may call early in the morning or during the night when you are less alert so they can trick you into revealing financial information.
  • Fraudsters may try to blackmail you, or tell you that you will be arrested. They may even impersonate a family member in trouble.
  • Fraudsters may send you an email that looks like an email from your bank or other service provider. Avoid clicking links within emails.
  • Fraudsters may ask you to keep their offer a secret.
  • Fraudsters might tell you to send money using iTunes cards, gift cards, prepaid credit cards or cryptocurrency.

FCNB is hosting a number of initiatives around the province during Fraud Prevention Month. FCNB is partnering with Tazza Caffe in St-Isidore to host a Spend Smart Café from 9 a.m. to 2 p.m. on March 7. There they will meet with consumers to talk about fraud, hear what is happening in their community and share tips on avoiding frauds and scams. They will be offering free coffee and treats while supplies last.

FCNB will also host a booth at the Greater Moncton Home Show March 22-24 at which they will share information to help consumers and homeowners recognize and avoid frauds related to mortgages, door-to-door selling and more.

“The more people can recognize the red flags of fraud, be wary about offers and be vigilant with their money, the fewer people will end up being scammed,” said Hancox. “Even one victim of fraud is too many.”

Media Contact:

Sara Wilson, Senior Communications Officer, 506 643-7045 or 1 866 933-2222. [email protected]

FCNB has the mandate to protect consumers and enhance public confidence in the financial and consumer marketplace through the provision of regulatory and educational services. It is responsible for the administration and enforcement of provincial legislation regulating mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, co-operatives, and a wide range of other consumer legislation. It is an independent Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Online educational tools and resources are available at www.fcnb.ca.