Consumer group deal with gigantic frauds across the globe. Here’s a list that shows some of the biggest scams that targeted and stole from Canadians.
In agreement with the Better Business Bureau, the Competition Bureau has listed all the significant scams occurring worldwide. Here’s the list of the top 10 consumer group frauds occurring in Canada for quite a while now.
- EMPLOYMENT-RELATED SCAMS: $5.3 MILLION LOSSES
Being the highly reported scam as per major forums, it operates as a situation where you fill out applications for a job at home and then attain an interview. For that very thing, you need to spend a lump sum amount. This amount is nothing but a fraud in the making where the scammers will run away with your money.
- ROMANCE SCAM: $17 MILLION LOST
It happens across dating websites where Canadians often succumb to their emotions and send money to profiles who disguise themselves as fake persons. The fraudsters do it via fake emotional or romantic exchanges over the phone and then blackmail the victim in the future.
- IDENTITY FRAUD: $11 MILLION IN LOSSES
Here the deceitful individual steals one person’s identity by providing them offers in credit cards, bank loans, low-interest rates, and rent-less property, to state a few.
- ADVANCE FEE LOAN: $1.1 MILLION LOST IN SCAMS
Consumer group are often asked to contribute an upfront cost to get a loan for their dream house or car in Canada or the USA. They fall prey to the scammers who try to give out loans via non-reputable financers.
- ONLINE PURCHASES SCAMS: $8.6 MILLION MISPLACED
Scammers reap the benefits of the digital scenario where they take your money, and you lose your funds at one go. They advertise fake merchandise or take the money and run away with the goods, never showing up at your doorstep. Often, many phony trial traps steal your credit card information.
- WIRE FRAUD – $13 MILLION LOST
Wire fraud is a massive problem among Canadian citizens. Millions are lost each year when scammers act as agents from a top-shot company and claim money to be directly wired to them for any severe causes. They mainly take leverage of the phishing tool.
- BINARY OPTIONS SCAM – $7.5 MILLION IN LOSSES
Binary Options fraud is widespread among financial traders. It promotes low-risk and high returns, but it is precisely the opposite in real life. They offer full refund promises, although it rarely happens. The brokers interrupt the profits, and they also have many issues regarding withdrawals. If you have any problems, you need to understand that binary options have many risks, and as an outcome, you should seek investment advice from professionals.
- FALSE LOTTERY WINNINGS: $3 MILLION MISPLACED
There has recently been a surge in lottery scams occurring throughout Canada. They attain emails that they’ve won a million dollars, and when you reply to them, they ask you for a small charge for processing the lottery. Most end up paying the cost and eventually lose their funds.
- SHAM DIGITAL ENDORSEMENTS & CONTENT SPONSORS – $3.7 MILLION IN LOSSES
Often the customers are induced to buy products that are based on reviews. Hence, the rise in the number of 5-star reviews impacts the sales with a lift in the products sold. Unfortunately, most of the reviews here are unreal, and often people are paid to write such reviews.
- CANADA REVENUE AGENCY SCAM: $4.3 MILLION LOST
It is often called the Call Center Scam, where call center employees target Canadians by calling them and furnishing them with an appealing offer that is extremely hard to reject. Canadians fall for them and, as a result, lose a lot of money. Hence, it is suggested not to entertain phone calls and emails that entice such offers.