Stop The Steal: Your Fraud Awareness Action Plan

Nico here discussing various types of fraud and providing practical tips to stay safe, emphasizing the importance of skepticism, strong passwords, regular account monitoring, and staying informed about fraud trends. 

Ciao! Welcome to a new episode of Building Wealth Through Real Estate...Brick by Brick with me, Nico James-Bock, Founder of The CondoWiz™ Group and Broker at Royal LePage Signature Realty in Downtown Toronto.  

In this episode I also highlight the need to verify the legitimacy of investment opportunities and online sellers, and to be wary of private home sales. I conclude by advising to always stay vigilant and keep an eye on all available reports.

Types of Fraud:

Phishing:These tactics involve deceptive emails, texts, or phone calls designed to trick you into revealing personal information like passwords, credit card details, or bank account numbers. —All sources social media, YouTube videos….

Identity Theft: Fraudsters steal your personal information (Social Security number, date of birth, etc.) to open accounts, apply for loans, or commit other fraudulent activities in your name. Watch your mail!!! If you’re going to be away for more than 2 weeks at a time, ask a trusted friend to pick up your mail or have it held or forwarded by Canada Post. 

Investment Scams: Promises of high returns with little to no risk are HUGE red flags. These scams often involve Ponzi schemes, pyramid schemes, or fake investment opportunities. Check your facts and speak with informed professionals. 

Online Shopping/Auction Fraud: Fake online stores, countereit goods, and auction scams can lead to financial losses and stolen personal information.

Mortgage/Real Estate Fraud: As discussed previously - in a previous episode, this includes title fraud, inflated property values, and scams targeting homebuyers and sellers. Work with trusted real estate professionals, reputable lawyers, inspectors, mortgage specialists and financial advisors.

Listen in or watch the video to see ways to avoid being scammed....

Ciao ciao

Transcript

Welcome to a new episode of Building Wealth Through Real Estate….Brick by Brick! It's March, which means it's Fraud Awareness Month, a crucial time to discuss the ever-evolving landscape of scams and how to protect yourself. From sophisticated online schemes to age-old tricks, fraudsters are constantly finding new ways to exploit vulnerabilities. The ever present talk about trade wars, the economy, elections….We’re easily distracted by all of the noise and that’s when we’re often at our most vulnerable. Today, we'll break down common types of fraud and give you practical tips to stay safe.

Types of Fraud:

Phishing:These tactics involve deceptive emails, texts, or phone calls designed to trick you into revealing personal information like passwords, credit card details, or bank account numbers. —All sources social media, YouTube videos….

Identity Theft: Fraudsters steal your personal information (Social Security number, date of birth, etc.) to open accounts, apply for loans, or commit other fraudulent activities in your name. Watch your mail!!! If you’re going to be away for more than 2 weeks at a time, ask a trusted friend to pick up your mail or have it held or forwarded by Canada Post. 

Investment Scams: Promises of high returns with little to no risk are HUGE red flags. These scams often involve Ponzi schemes, pyramid schemes, or fake investment opportunities. Check your facts and speak with informed professionals. 

Online Shopping/Auction Fraud: Fake online stores, countereit goods, and auction scams can lead to financial losses and stolen personal information.

Mortgage/Real Estate Fraud: As discussed previously - in a previous episode, this includes title fraud, inflated property values, and scams targeting homebuyers and sellers. Work with trusted real estate professionals, reputable lawyers, inspectors, mortgage specialists and financial advisors.

Ways to Protect Yourself:

Be Skeptical of Unsolicited Communications: Never provide personal information in response to unsolicited emails, texts, or phone calls. Verify the sender's identity through official channels.

Use Strong, Unique Passwords and Enable  Two-Factor Authentication (2FA):** Protect your online accounts with robust passwords and add an extra layer of security with 2FA. Use a PASSWORD MANAGER

Monitor Your Accounts Regularly: Review your bank statements, credit card bills, and credit reports for any suspicious activity. Report any discrepancies immediately.

Research Before Investing or Making Purchases: Verify the legitimacy of investment opportunities and online sellers before committing any funds. Look for reviews and check for official registrations. Mandatory steps include in-person property or presentation site visits and price comparisons. Be wary of Private Home Sales - Fraudsters often pose as homeowners and landlords, inflate property values through multiple sales to secure larger mortgages, putting lenders and buyers at risk. They often advertise properties for lease and obtain deposits from unsuspecting consumers. 

Educate Yourself and Stay Informed: Keep up-to-date on the latest fraud trends and prevention techniques. Resources like the Federal Trade Commission (FTC) and the Better Business Bureau (BBB) offer valuable information. Don’t ask ChatGPT, DeepSeek, Gemini, etc…..

Final words:

Don’t be fooled by AI - Use real intelligence to decipher messages and information you see/read 🙏

#fraudawareness

#scammers

#protectyourself