With the vast proliferation of AI, detecting scams and fraud is becoming more difficult. What used to be primarily an issue for seniors has become a top concern for everyone. Despite the growing number of threats and their increased sophistication, there are ways to help protect yourself against those out to harm you.
-
Is the content unexpected?
Are you getting an inheritance from a relative you don’t even know? Winning a contest you haven’t entered? Updating delivery information for a package you haven’t ordered?
Packages are becoming increasingly difficult to track, so ensure that the sender matches up with items you have actually ordered. If unsure, reach out directly to the supplier for confirmation.
Always ask, “Did I make this request?” “Does it sound too good to be true?”
-
But it’s really urgent!
Making a request urgent is a great way for you to accidentally open, click, or respond to a request. Always take a few extra moments to question if the content really needs urgent handling.
An ounce of prevention is worth a pound of cure!
-
Wow, you must really like me.
Tone can be hard to read over email and texts. Does the content sound too nice or too threatening? These tactics are designed to keep you off balance. Don’t let someone else’s bad day ruin yours.
-
Do you really need that?
Requests asking you to enter your SIN, PIN, or password likely aren’t real. Such personal and confidential information shouldn’t be used for accessing anything from a request you didn’t originate.
Furthermore, your SIN, PIN, and passwords should never be shared in print or verbally with anyone where the request is even remotely odd.
As your trusted advisor, I should already have the information needed to process required transactions and for reporting purposes.
And don’t ever send your driver’s license or sensitive documents that contain your SIN via email. Use a secure share site for uploading.
-
Is the sender for real?
Although AI is making typos a thing of the past, it’s still wise to review a sender’s email address before engaging with the content.
Messages sprinkled with typos and grammatical errors are red flags.
When it comes to email, do you have access to a third-party security system such as KnowBe4? Reporting suspicious emails helps build a wall of protection around your company.
-
Click here to stop this suspicious credit card transaction!
Whether you receive a phone call from “your credit card company” or “your bank,” always ask to speak to someone you know there. Better still, advise them you’ll call back in a few minutes.
To confirm anything credit card related, always call the phone number on the back of your card – NEVER call a number left on a message for you. The same goes for CRA and other government requests.
If your bank is calling, you likely have a relationship with your key banking advisors; always call them directly to confirm.
-
Beware of No Risk and High Return Investments
The financial industry is notorious for large-scale investor fraud. Ponzi schemes, commodity purchasing, and deals you can’t afford to refuse are common.
It’s important to know who you are dealing with. Can someone vouch for their credibility? Are they listed with recognized professional bodies, such as FP Canada, or with securities regulators? It’s worth a few minutes to double-check that the person you are giving money to is legit and has verified custodians.
When it comes to reasonable expected returns refer to FP Canada Standards Council annual publication Projection Assumption Guidelines. Remember, none of us know what future returns will be – so we really can’t every sell you an expectation of a future return.
Lastly, don’t get caught in any tax schemes. Schemes are designed to evade or improperly reduce tax liabilities. There are many legal tax efficiencies available, but pushing the grey envelope just isn’t worth it.
Conclusion
Staying ahead of the scammers is an ongoing concern for all of us. Stay vigilant, question all deals and promises, and never provide personal and sensitive information to those unknown to you.
Having trusted and certified advisors is just one step in helping to protect you, your business and your family.
Roxanne Arnal is a CFP®, former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower You & Your Wealth with Clarity, Confidence & Control.
These articles are for information purposes only and are not a replacement for personal financial and tax planning. Individual circumstances and needs vary. Tax strategies should also be discussed with your tax accountant and lawyer. Errors and Omissions exempt.
ROXANNE ARNAL,
Optometrist and Certified Financial Planner
Roxanne Arnal graduated from UW School of Optometry in 1995 and is a past-president of the Alberta Association of Optometrists (AAO) and the Canadian Association of Optometry Students (CAOS). She subsequently built a thriving optometric practice in rural Alberta.
Roxanne took the decision in 2012 to leave optometry and become a financial planning professional. She now focuses on providing services to Optometrists with a plan to parlay her unique expertise to help optometric practices and their families across the country meet their goals through astute financial planning and decision making.
Roxanne splits EWO podcast hosting duties with Dr. Glen Chiasson.
