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Financial fraud in Canada: What to do if your bank account or credit card is compromised
– moneysense.ca
Ask MoneySenseWe have been defrauded of over $20,000 by someone who was able to make unauthorized e-transfers from our bank accounts. The bank has recovered a small portion of them, and it has refused responsibility for any more. I am at level three of the complaint process, and I am wondering how to proceed?
Do I need a lawyer now, before filing the new complaint?
My home insurance doesn’t cover anything. I have contacted the credit bureaus and I’m making a police report.
—William
How to deal with financial fraud
Sorry to hear about this situation, William. Any fraudulent activity in your financial accounts can be unnerving. But knowing someone was able to access your bank accounts directly is really intrusive.
Interac e-Transfer is generally a safe way to send money in Canada. “For every $100 spent across the Interac ecosystem, approximately $0.03 was lost to fraud in 2023,” according to Interac.
Regardless, fraud happens. E-Transfer fraudsters generally use text or email channels to exploit victims…
Why do Canadians keep falling for scams?
– moneysense.ca
Many Canadians have learned common telltale signs of phishing emails and fraudulent websites, such as poor spelling, fuzzy logos and sketchy-looking URLs. That knowledge is key, but it’s no longer enough to avoid becoming a victim. Scams are always evolving, becoming more sophisticated and more convincing. And, with new technology tools like artificial intelligence (AI) at their fingertips, fraudsters are refining their tactics to better trick people, as well as casting a wider net to lure more victims.
That’s why no one in Canada is immune to scams—they’re becoming harder to detect and harder to avoid. However, you can protect yourself with updated knowledge and some tech tools of your own—including a credit monitoring service that keeps watch on your behalf. Let’s look at the impact of ID theft in Canada and what you can do to safeguard your identity and your finances.
How scams can affect your finances
If your personal information, such as banking details or your social insurance number (SIN), is stolen, there can be short-term and long-term consequences…
The best Mastercard credit cards in Canada for 2025
– moneysense.ca
Regardless if you want travel points, cash back, low interest or perks, you can easily find a Mastercard that caters to your needs. Let’s look at the best credit cards Mastercard has to offer.
Best Mastercard credit cards in Canada
featured
Best cash back Mastercard
Rogers Red World Elite Mastercard
Earn a minimum of 1.5% cash back on all purchases, and 3% on U.S. dollar purchases. Redeem rewards when you want.
GO TO SITE
Annual Fee:
$0
Interest Rates:
25…
RWRDS Daily Update March 27: More Rewards RBC Visas partner earning clarified! (It’s good news!)
– RewardsCanada.ca
The post RWRDS Daily Update March 27: More Rewards RBC Visas partner earning clarified! (It’s good news!) appeared first on Rewards Canada.
Beware of CRA phone scams
– moneysense.ca
Is that the CRA calling you—or is it a scammer? The Canada Revenue Agency (CRA) is warning taxpayers to watch out for scammers who impersonate its agents, demanding immediate payment for taxes owed and issuing threats of fines, criminal charges, jail time and even deportation if you fail to pay.
Scammers demand payment via e-Transfer or with unusual methods such as prepaid credit cards, gift cards or crypto. They also pressure the target to act immediately or within a couple of hours. Scammers want to get their hands on your hard-earned money as soon as possible—they know that if you have a few moments to think and do a quick Google search or ask a friend, their jig is up.
Scammers may also approach their targets with emails, text messages and letters. Whatever the method, scammers can be very convincing. They may tell you that your taxes have been audited and that you owe money. To sound legitimate, they might recite ID numbers and case numbers. They might know some of your personal information, such as your home address, birthdate or your social insurance number (SIN)…
