Wednesday 10 February 2021

How to spot the romance scam?

 

Looking for love in all the wrong places - how to spot the romance scam

February 2021

Romance scams are among the top ten frauds affecting Canadians according to the Canadian Anti-Fraud Centre, costing Canadians more than $18.5 million in 2020. This Valentine's Day, learn how to recognize the scam and stop it from happening to you, and then spread the word to others:

Warnings signs

Here are some warning signs that your new relationship may be a scam:

  • Your new friend moves too fast. Scammers are trying to develop a quick relationship with you so be on your guard when someone professes their love to you.
  • If your love interest asks you to send money, be very suspicious.

  • Does your new friend have an online profile? Look for inconsistencies between what they post, and what they tell you.
  • If you receive a message from your friend and they use the wrong name, that may be a red flag. Many of these fraudsters are working on multiple victims at the same time.
  • Scammers will claim that they live close to you but that they’re working overseas. They do this so that they have numerous reasons to ask for you for money. Be on your guard.

If you think you may be a victim


If you think you may be a victim of a romance scam or any other kind of fraud, it’s important to contact police immediately. Bank staff are aware of these kinds of scams and are trained to pay attention if a customer makes an unusual transaction - for example, withdrawing more money than usual. However, you are ultimately responsible for any funds that you withdraw from your bank account. That’s why it’s especially important to ask questions and be 100 per cent positive about who you’re sending money to and why.
 

Did you know?


The CBA offers a free fraud prevention seminar for seniors as part of its Your Money Seniors financial literacy seminar program. Request a fraud prevention seminar today!

As a consumer, you also have an important role to play. One of the best ways to protect yourself is to be aware of the different types of scams and fraud so you won't be victimized.

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