Fraud - Everyone's Concern

Unfortunately, there are many forms of fraud that prey on people, especially senior citizens. One of the most popular scams is the phony bank inspector.

Here's how it works . . .

• Alone or with an accomplice, the fraud artist will claim to be a bank inspector or police officer trying to trap a dishonest bank employee at your branch. The first approach is usually by telephone.
• You will be asked to withdraw money from your account and give it to the con artist for use as "evidence" against the employee, perhaps through fingerprints or other investigation.
• You will be cautioned to maintain the utmost secrecy so that the bank employees aren't alerted and you may even be offered a reward for your co-operation. But of course the phony "bank inspector" just disappears, and so does your money.
• Remember this basic fact - NO bank employee or police officer will ever ask you to withdraw your money for ANY reason. If anyone asks you to do so, call the police or your bank manager right away.
• Leave your money where it's safe - in the bank.
• It's your money and it's your right to say "NO".

Other scams which you should be aware of: con artists who promise jobs, guaranteed loans, advance fee credit cards, credit repair, or debt consolidation. These offers are often a way of getting you to send money in advance in exchange for little or no service.

Keep on the lookout for 1-900 telephone numbers where you can be charged substantially for just making the call. Before making any type of dollar commitment ask for a contract and see if there is a way you can get a refund. Or go one step further and check out the company with your provincial consumer protection agency or the Better Business Bureau.

More information

The Royal Canadian Mounted Police (RCMP) has up-to-date fraud information for consumers and businesses on their web site at www.rcmp-grc.gc.ca. It highlights the latest scams, counterfeiting activities and telemarketing fraud.

The Canadian Bankers Association's web site, http://www.cba.ca/en, also has more information on consumer protection issues.

Be careful about . . .

• Checking monthly credit card statements. If you're being charged for something you don't recall, talk to the card company - there's a customer inquiry number on each statement.
• Keeping cash at home. With credit and debit cards easily at hand, try not to keep large amounts of cash at home. Your financial institution is a lot safer.
• Signing over powers of attorney. Did you know you can revoke them, if you have a change of heart or feel uncomfortable about it?
• Co-signing a loan. This can be a nightmare if the other person defaults and you're left responsible for paying off the loan. Are you on a fixed income? Could you afford to pay someone else's debts?
• When you re-order personal cheques from your bank and the envelope has been tampered with, contact your branch right away.
• If your wallet or purse has been lost or stolen inform the police, your bank, other lenders and the credit bureaus. Your identification could be used for fraudulent purposes.

Source: Canadian Bankers Association website www.cba.ca/en/