Toronto/CMEDIA: Scams are on the rise, Ontario Provincial Police warn adding that there are many ways you can protect yourself.
But only five to 10 percent of frauds are reported each year, Det.-Const. John Armit with the OPP’s Anti-Rackets Branch says.
Cyber-enabled frauds account for 75 percent of the fraud losses Statistics show.
Also read : Spot the Scam: ‘I was embarrassed’: Ottawa woman warns others of the threat of e-transfer scams
A video of what appeared to be Elon Musk encouraging a new investment opportunity turned out to be a devastating fraud for the couple, Doug and Victoria Lloyd said.
“For me it’s, how could I let this happen to us? You know, how could I?” Doug said.
Doug says he put his information into a website and was scammed after a fake financial advisor pulled money from their line of credit over several months and says he wants to help prevent future victims.
“It’s so easy to trick people down with this AI and cryptocurrency and you can’t trace, you can’t get it back,” he said.
Fraud prevention tips
The best means to stop cyber crimes is prevention, Armit says and explains the first line of defence is a strong password. Armit suggests thinking of a combination of unique phrases you can remember that are hard for others to guess.
Also read:
Spot the Scam: Ottawa couple loses $300,000 in alleged investment fraud
Your password should consist of letters and numbers and at least one symbol.
“You can go down the keyboard and you can find a pattern that you like,” he said. “And then add a digit and a symbol. And by having a password like this, it’s virtually impossible to crack.”
Using biotech can also add an extra layer of protection, Armit suggests.
Setting up facial recognition on your phone can help.
“If anyone gets a hold of your phone, they’re unable to access that app, or maybe you have confidential information on your phone,” Armit said.
Certain apps, like Twitter in its “settings” have Two-factor authentication set up on under “security.”
When signing into your website, Armit explains the site will prompt you to put in a code, which is often sent through text to your phone, for you to enter as another line of defence.
“Only that person that receives that code now can put that code in, and allow you to proceed on that application,” he said. “So, it’s really important to have that in there…you have that access to prevent people from gaining that code to get into your applications.”
When it comes to website links, emails and applications, he explains to always be cautious about what you are clicking on.
“They’re able to spoof an email address with one digit off or one letter off.”
You should put the website link into the search bar yourself whenever you can, says Amit and to not rely on search engines. When calling your bank, use the number directly on the back of the card.
“If you go to Google and type in a search, the bad actors will pay for search engine optimization,” he explained. “So, they’ll put that on their webpage at the top of the search. And so, you’re clicking on that believing that is with the illegitimate organization.”
“When it comes to maybe a text message that has a malicious link, we always say, ‘Pause.’ Think about what’s happening, because it’s that sense of urgency and often it’s unsolicited messages that come to you. So really take your time and see what happens.”
Rebuilding after a scam
After losing $177,000, the Lloyds say they are working to rebuild their lives.
Doug Lloyd says they had to sell a home to pay off the line of credit, and gave up original plans for a dream home, which cost tens of thousands of dollars.
“Relieved everything’s over,” he said. “There’s no more to do.”
Also Read: Spot the Scam: Fraud still going largely unreported in Canada, RCMP says
Today, they are building a new dream home with the help of a contractor friend, which is underway.
“It’s amazing,” Victoria Lloyd said. “You just feel excited every day.”
They say they are continuing to share their story in hopes of preventing future victims.
“It’s so easy to trick people down with this AI and cryptocurrency and you can’t trace, you can’t get it back,” said Doug Lloyd.
It is also important to do your research about who you’re talking to, says Amit and to never hand over personal information and access to your accounts to a stranger online.
