Synergy Credit Union is sharing tips as it cautions the community after what it terms a spike in members being defrauded.
Harmolk Brar, chief risk officer reminds that if it’s too good to be true, then it isn’t true. Also, call your financial institution whenever you are in doubt. The risk specialist says scams picked up over the pandemic period, but in the last year, 100s of members have been defrauded in the tens of thousands of dollars. He admits that the number is hard to tell as people are embarrassed that they were made to feel so vulnerable.
Brar mentioned a few of the scams that are cyclical including:
- Scammers building trust and then passing fake government cheques to the victim in exchange for gift cards
- Fake cheques or drafts used to make purchases
- Use of AI to mimic a relative’s voice and then call urgently for money
- Grandparent or parent scam where a relative calls in dire circumstances needing to get money in possibly bitcoin as it can’t be traced
- Crypto-currency and investment scams which promise the victim fast returns and they will get rich
- Romance scams
- Phishing scams where an email or text is sent with a link to click
The risk officer shared some tips to keep you safe:
- When faced with these get-rich-quick schemes, just pause and reflect before going down that road
- Use caution. When someone says this is urgent or time-sensitive, take your time to think
- Call relatives to verify their status that they are safe. Don’t send money in haste
- With family that you know may be vulnerable, say to them if someone calls saying you are in trouble, hang up the phone and “call me right away”
- Do research. Ask people you trust if this sounds legit
- Beware of friend requests on social media from people that you don’t know who seek to gain your trust and may then ask for money. He says, “Friendship does not always equal trust.”
- Don’t give money to people you don’t know
- Government agencies and financial institutions won’t call you to collect personal information. If you did not initiate the phone call you are sharing information with a stranger
- Avoid strange or unexpected emails
- Protect passwords. Change regularly. Make sure it is a strong password and don’t share it
- Protect your computer and avoid remote access when asked to click links that suggest your computer is infected
- Use reputable companies to clean your devices
- Set up banking alerts via texts and email to monitor your account activity
Brar adds that “if someone came to your door asking for $10,000 you would not give it to them, so don’t do that online.” Also, for online sales between individuals, make sure the money has gone into your account before handing over the product.
Finally, he says, “Pause and slow down. Say no if you must.”
The Synergy website and the Canadian Anti-Fraud Centre have several resources online. Brar reminds to contact your financial institution if you suspect you may be a victim and they will advise next steps including contacting local police.
