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Banking Scam

Bank fraud can be defined as an unethical and/or criminal act by an individual or organization to illegally attempt to possess or receive money from a bank or financial institution. The scammer wants you to think you are talking to or have received an email from your bank. And they want you to trust them, believe their story and give them your personal and financial information.
Click the play button below to watch a video example:
Click here to play the YouTube Video for this Senior Fraud Alert Scam Lesson
The first step is to identify the fraud. In the video above, were you able to hear the clues in the story and detect the Banking Scam? The next step is to prevent the scammer from victimizing you or others. If you encounter a similar situation, use these tools to protect yourself from this type of fraud.
Banking Scam Clues
  • Here are the five most common banking scams: overpayment; cheque-cashing; unsolicited cheque fraud; automatic withdrawal; and government imposter.
  • Read and inspect everything with an eye for detail. Whether it’s an email, text or arrives in another form, always read the fine print.
  • Check to see if the bank’s website has a list of known scams (e.g. ATB https://www.atb.com/company/news/stories/dont-be-fooled-by-phishytexts-and-emails/)
Banking Scam Defence
  • Never cash other people’s cheques for them.
  • Don’t share personal information.
  • Read and inspect everything with an eye for detail.
  • Check it against the bank’s actual webpage.
  • Print off or forward the email to your bank’s fraud department.
Now it’s your turn!


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