Avoid Scams and Stay On Track.

Feel more confident with finances by knowing how to spot and avoid scams.

You’re in the home stretch! This is the fifth article in #ReachThoseGoals, the penultimate article of our six-part series about financial well-being. Now that you’re building your confidence and financial education, let’s talk about how to not get derailed along the way by potential frauds, scams or financial abuse.

Financial exploitation is more common than you think. According to Ipsos, 43% of Canadians have been the victim of fraud or a scam in their life. That can look as obvious as committing fraud, such as signing for a credit card in another person’s name, or less obvious, like coercing someone to give up control of their money, or taking money from joint or personal accounts without permission. Stay vigilant about who you give access to your account or let into your financial decisions.

According to the Canadian Anti-Fraud Centre, the top three reported frauds are phishing, extortion and personal information scams, which is a type of fraud designed to get you to give away money or sensitive information.

Experiencing this type of financial setback could take you off the track of reaching your goals. Losing sums of money, or allowing sensitive information to get into the wrong hands, could allow people to open credit or loans in your name, ultimately harming your credit history.

So, what can you or a family member do in these situations?

• Hang up, or ignore suspicious calls/texts/emails! If it is legitimate, get more information from the source. Don’t click on any links or attachments or share personal information. You can reach out directly through the contact information on their company’s official website.

Pro tip: Most banks or financial institutions like Capital One won’t ask you for personal information via email or text, and would never ask for your PIN or passwords.

• Check in with family members or friends directly if the scam involves someone you know. With the rise of AI, scammers have become more creative, even finding ways to use technology to mimic the voices of loved ones. Take a minute and gather the facts before hastily moving money or giving away information.

• Stay tech vigilant by using secure networks when accessing your bank account or making purchases with your credit card online. Make sure you’re up to date on phone security, and don’t store passwords on public or shared devices.

• Stay in control of your accounts and finances. If it’s your money, be cognizant of giving people access to your account, monitoring your spending or controlling your ability to work. These are examples of financial exploitation, especially seen in relationships.

• Protect your accounts by not sharing your CVC (typically the three-digit number located on the back of your credit card, or your PIN). Check to see which security features your credit card offers. Capital One’s cards have many useful features, including alerts, spotting double charges right away and multi-factor authentication.

All in all, staying on top of your security and spending on accounts will help you with early detection to spot anything out of the ordinary and reduce your risk of fraud. If something feels off, trust your gut. If you think you’ve become a victim of identity theft, you can contact the Canadian Anti-Fraud Centre to report a scam. Reporting fraud gives authorities the chance to warn others about potential schemes.

Think you’ve received a suspicious message claiming to be from Capital One? Follow the steps in this article from our Support Centre.

Now that you have more tools to help protect yourself from financial scammers, let’s keep the momentum going with our final article about financial wellbeing.