Beware Fraudsters' New Tricks, Financial Consumer Agency Warns

The phone rings, and a polite voice on the other end of the line enquires after your health and whatnot. The voice says it's your financial institution's representative calling, and while they're at it, they find out from YOU which financial institution they represent, actually.

And then they proceed to ask questions that are none of their business. If your answer is anything else than asking them for THEIR number, checking it, and reporting it to the police AND to your financial institution forthwith, blame yourself. You've just been had.

The Financial Consumer Agency of Canada (FCAC) has issued an alert saying cases of this kind of fraud have been becoming more frequent recently, and we ought to be careful.

Here's how you should behave if someone calls you and says no need to worry, there are no huge issues with your credit card but steps should be taken to make sure there won't be any issues in the future. That's one type of such calls.

Here's what you should (and should NOT) do:

• share your information ONLY if YOU contacted the company yourself, and
• you are completely sure you are dealing with a reputable company.

There are similar scams, all of them designed to trick you into revealing your personal and financial information.

For example: the caller pretends to be calling from your financial institution or a credit card company. Someone's tried to use your credit card, the perpetrator tells you, but not to worry, we've got it under control. The fraudster already knows much of your personal and financial information. So, you think, this must be a legitimate call.

Except it isn't.

The perpetrator still lacks a vital piece of information. Like what? Like, for example, the three-digit security number on the back of your credit card. You let them have it, and your next credit card statement will come as a shock.

So, what should you do if someone calls you, asking for your personal and financial information?

Here's what:

• Ask for the caller's name, company name and department, and then end the call.
• Find a contact number for the company. Look for it on your credit card, bill or account statement, online or in a telephone directory. Do not use a number provided by the caller.
• Call the company and ask to speak to the person who contacted you. You should also confirm any information the caller told you, such as whether there has been any fraud related to your account.

Not that you're paranoid, but it may be worth your while to check out the Financial Consumer Agency's fraud section. You won't regret spending a few minutes doing that.



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