Keeping Your Money: Fraud and You, Part 1

March 21, 2023 | Eddy Mejlholm


Fraud and identity theft is affecting more and more Canadians each year. Proctect your hard earned assets!

Keeping your money: Fraud and you,  Part 1 



Do you think you know what fraud looks like? It's possible you don't!  Fraud is becoming increasingly sophisticated and is rapidly increasing.  In 2022 the RCMP reported that fraud increased 40% from 2021, up to $530 million in losses.  And these are just the incidents that are reported! Financial fraud and identity theft is something we see a lot of in the investment and banking world. Fraud affects young, and old, tech savy and beginners.  As March is fraud prevention month we thought it would be helpful to go over some of the key things to look out for to protect yourselves and your loved ones. 


Who Are They?


Before jumping into the details, a quick clarification on terms:

  • Financial fraudsters are after your assets.
  • Identity thieves steal your personal information (often to then commit financial fraud).


What Do They Want? Your Money and Your Life


Fraudsters are much more sophisticated than ever.  While ultimately they are looking for financial gain, initially they might be looking for something simple like your interests, travel plans, or even your favourite colour.  Fraudsters and identity thieves want to learn about you so they can guess passwords, answer security questions, and in general get people to believe they are you or know your weak points.  Here are some things they are particularly keen on collecting:


  • Social Insurance Numbers, passports, driver’s licenses, and similar identifying information.
  • Financial account and credit card numbers.
  • Passwords (or insights about you that help them guess at weak ones).
  • Your and family members’ contact information (name, address, phone, e-mail).
  • Your and family members’ birth dates.
  • Details about your life (interests, travel plans, relationships, your alma maters, etc.).


How Will They Get It? However They Can!

While fraudsters can still resort to breaking and entering, they are now have many more techniques to get you to part with your money. People committing identity theft and fraud can use:   

  • Real or virtual strong-arm theft like breaking and entering or scams to trick you.
  • Strangers posing as someone you know, or someone you do know.
  • Online, phone, mail or in-person.
  • Tracking your movements online or in person to try and impersonate you.
  • Phishing emails and deceitful or compromised websites (tricking you into clicking on bad links or opening infected attachments).
  • Malware infects your device with pranks, viruses and security breaches.


What Should You Look For? Ten Red Flags

Here are a few things that should tip you off right away! And remember, if you ever have questions or concerns please talk to us!


  1. An offer that sounds too good to be true.
  2. A stranger who wants to be your real or virtual best friend.
  3. When someone you know is behaving oddly via email or phone. (It may be an identity thief.)
  4. Someone claiming to represent a tax agency, financial or legal firm, police department or other authority contacts you out of the blue, demanding money or information.
  5. You’re feeling pressured into responding RIGHT AWAY to a threat, temptation or curiosity.
  6. You’re prioritizing easy access over solid security (weak or absent locks and passwords).
  7. You’re sharing personal information in a public venue (including social media).
  8. Facts or figures aren’t adding up; bank statements, reports or other info is missing entirely.
  9. Your defenses are down: You’re ill, injured, grieving, experiencing dementia or feeling blue.
  10. Your gut feel is warning you: Something seems off.





Do you think you know what to look for?  Test your knowledge here and come back next week to find out more!  Test your knowledge of fraud (