Fraud Awareness Month

March 01, 2023 to March 31, 2023

Mac’s Money Centre can help you protect yourself (and your money!) from scams and financial fraud

Anyone can be a victim of fraud, but that doesn’t mean there aren’t precautions you can take to stay protected. Fraud Awareness Month is an opportunity to empower ourselves to develop a stronger awareness of fraud types, scam strategies and more. Then, we’ll be equipped to identify and react to potential scams if we encounter them.

General fraud prevention tips

Share your personal information only with companies you know and trust.
Don’t provide personal information to solicitors who made the initial contact.
Check your credit report once a year.
If it seems too good to be true, then it probably is!
Old statements, bills and credit/debit cards should be shredded before you dispose of them.
Don’t be pressured by offers that are “available for a limited time only!”

If you’ve experienced a financial crisis due to a scam or fraud, please contact money@mcmaster.ca for support and a review of your financial information. Also, the Competitions Bureau’s Little Black Book of Scams is a valuable resource.

Fraudulent job postings

Scammers may use job postings to trick job seekers, often with a position that seems just too good to be true (it might be!). Scam jobs may request money for training so that they get the account number to deposit wages, ask you to pay a vendor and reimburse you, and so on.

Protect yourself:

Pay close attention to any unsolicited emails, including the “from” field. For example, make sure it is a legitimate business email, not Gmail, iCloud, Hotmail, etc.
Keep your information private. Don’t give out passport, social insurance numbers or date of birth information.
Never send money during a job application process.

Phishing

Scammers will pose as financial institutions and send emails asking for money. They may even seem fairly legitimate and mention something about a security breach. Then, the scammer may ask you to click on a link to provide your information (don’t!).

Protect yourself:

Banks and governments will never ask for your personal information through email.
If you’re unsure if an email’s legitimate, search the message for strange email addresses or links (don’t click on them!).
Don’t reply or open any links or attachments if you have doubts.

Get more information and support with email-related scams on the Office of the AVP & CTO website.

Pyramid schemes

Believe it or not, pyramid schemes still exist today. As a student, you may be able to identify these scams as job postings that “could earn you hundreds of dollars a day!” by selling a product or service. Scams like these ask you to pay a membership fee to cover the product cost, meaning the only way to recoup the money is to sell off the product. Essentially, they use debt to motivate you to sell.

Protect yourself:

Thoroughly research the company and postings.
Be wary of companies offering compensation for recruiting new sales-people.
Don’t commit to anything at high-pressure meetings or seminars you might get invited to.

Prize schemes

That contest you never entered just called and offered you a trip to the Caribbean! Must be legitimate, right? It’s not. This tactic is similar to phishing. The scammer will ask for personal or financial details in order for you to claim your prize.

Protect yourself:

Legitimate lotteries and contests do not require you to pay a fee to collect winnings.
You cannot win a contest you did not enter.
Do not call or text the scammers to follow up. You could be charged up to $5 per minute/text!

Service scams

This type of scam may appear to be the most legitimate. The scammer will ask you to purchase or upgrade a home service. You can encounter this scam in the form of a door-to-door “sales-person.” Most commonly, they’ll ask to view your water heater bill or to perform a routine check-up of your heater. Alternatively, you may get a phone call from a computer technician who claims they noticed a virus on your computer. They may ask you to buy antivirus software or, even worse, try to gain remote access to your computer.

Protect yourself:

Do not discuss your services with a salesperson that represents a different service provider.
Do not be fooled into letting the solicitors into your home because of “recent regulatory changes.”

Phone scams

These scams involve threatening and forceful messages to pay a fictitious debt. Scam callers often threaten that you’ll be arrested, have to go to court and even get deported. If you get a scam telephone call, hang up and report it to the Canadian Anti-Fraud Centre (1-888-495-8501).

Protect yourself:

The Canadian Revenue Agency (CRA) will never:

Call you to ask for credit card payment toward taxes.
Call you to ask for any personal information like your SIN, passport or driver’s license number.

Learn more about phone scams on the CRA website.

Credit and debit card theft

Fraudsters are constantly inventing new schemes to take your information. In general, debit and credit card fraud occurs when your information is stolen and used to make a purchase without your authorization.

Protect yourself:

Change your bank passwords on a regular basis.
Don’t store your credit card information on the computer.
Always review your bank and credit card statements for suspicious activity.
Check your credit report through the Credit Bureaus, Trans Union and Equifax at least once a year.

Relationship scams

Relationship scammers typically find and connect with individuals on social media or a dating website. The scammer will try to develop a relationship, even spending several months to make the other person feel like they’re dating. Be careful if your love interest moves too fast, avoids communication because they’re “out of town” or requests money.

Protect yourself:

Stop communication with the person immediately.
Talk to someone you trust, and pay attention if your friends or family are concerned about your new love interest.
Do a search for the type of job the person has to find out if other people have experienced something similar.

Attend the workshop: How to Spot a Scam

March 14, 5:45 p.m. to 7:00 p.m. ET (Gilmour Hall 110)

Knowing how to identify financial scams and fraud is essential to your financial well-being. According to the Canadian Anti-Fraud Centre, there were over 90,000 cases of fraud reported, 56,000 victims and over $530 million lost to scammers in 2022. Scams may use clever techniques to attempt to fool you, but we can help you stay protected.

Attend this workshop hosted by the financial literacy (AKA “FinLit”) peers to play the scam game and test your ability to identify scams.

Gain confidence in your finances through casual money conversations

You probably have questions about financial scams and other money-related topics — OSAP, budgeting, bank accounts, credit scores, debt and more. We’ve all been there. Book a financial literacy (AKA “FinLit”) peer appointment with an upper-year student who can help.

If you’re feeling financially stressed, we also offer money coaching with a certified financial counsellor.

Book appointments on OSCARplus (under Student Success Centre > Appointments > Mac’s Money Centre).

OSCARplus

Different types of fraud and scams may target international students, but we can help you stay safe

International students living in Canada can be vulnerable because it can be difficult to recognize scams, and students are often worried that they will cause more trouble by asking for help. If you’re unsure about what to do in a situation, please connect with International Student Services by emailing iss@mcmaster.ca.

Additionally, staying informed and taking specific precautions can help you detect and protect yourself from scams.

Be suspicious of calls that demand money or immediate action.
No law enforcement agency will demand payment of currency in order to conduct an investigation.
Never offer information to the caller.
Remember to never send money to someone under uncertain conditions.
Don’t be afraid to say no.

It’s also tax season! Reduce stress with help from Mac’s Money Centre

We know that tax season — the time when Canadians are required to prepare and file their income tax returns — can be stressful. But the good news is that, as a student, you’re likely to get money back by filing your taxes. And we can help.

Each year, Mac’s Money Centre and campus and community partners come together to support the Community Volunteer Income Tax Program (CVITP). Through this program, we offer free tax services for McMaster students and eligible Hamilton/surrounding area community members.

Tax Season