As we continue to depend on the internet and digital media, chances are you’ll come across many scams on a daily basis. To avoid falling for them, it’s important to be aware of the most common types of scams. Here’s a list:
Investment fraud
There are many fraudsters who try to trick people to pay money or “invest” in a made-up thing by promising they will later get tons of money. These scams can be in the form of Ponzi schemes, gambling/betting, and crypto. The crypto scam can be especially effective since most people don’t know much about cryptocurrency.
In 2024, Canadians lost over $310 million due to investment fraud and the CAFC received 4,000+ cases.
As economic struggles and rising unemployment rates continue, get-rich schemes may be tempting. But remember, you’ll just end up losing money if you fall for them.
Romance scams
These are often done through dating apps, social media, and websites. The scammer makes a fake profile and pretends to be interested in the victim. When a relationship develops, the scammer will usually ask for a large sum of money to visit the victim or help with a (fake) personal emergency. Once the victim sends over the money, the scammer disappears with it and stops communicating with the victim.
This type of scam can be easy to fall for if you’re feeling lonely and in need of connection. Often, the scammer creates the illusion of a real and meaningful romantic connection. It’s hard to resist for someone who may lack this in their life.
Job scams
The job market is as tough as ever. Entry level positions demand years of experience, senior-level professionals are competing with less experienced workers, and jobs receive 1000s of applicants. In this environment, job scams thrive.
This scam can be:
- Fake job listings
Aside from vague job descriptions, they may ask applicants to pay a fee to apply.
- Fake hiring firms
Some scammers pretend to be part of an agency or hiring firm and ask applicants to pay a screening fee.
- Emailed interview invites
Like with the job offers, these invites may be for places you didn’t apply to. These emails may also ask for personal information.
- Fake job offers
You may get emails offering you a job that you never applied for. They may ask for personal information like your bank account number for onboarding.
To avoid job scams, research the company and look closely at job listings.
Phishing scams
Considering how popular this type of scam is, you’re probably familiar with the basics of phishing. You also likely have several phishing emails sitting in your junk mail. Phishing is when the scammer impersonates someone else or an organization and tells the victim about an urgent issue they need to fix. It can also be a refund or a limited-time prize. If the victim clicks on a link in a phishing email or responds to it with personal information, they’ve fallen for the scam.
These scammers use urgency to discourage the victim from thinking about what they’re doing before it’s too late.
Grandparent/family emergency scams
This scam targets the elderly and exploits their love for their grandchildren. In a phone call, the scammer impersonates the grandchild of the victim, saying they are in serious trouble, injured, or in some other kind of emergency. They will then ask for money. The fraudster’s distressed tone is often convincing to the grandparent, enough for them to send over the funds.
How to avoid falling prey to scams
It’s important to stay alert and be wary of phone numbers and email addresses that you don’t recognize. Make sure you know who you’re talking to in phone calls. If that email looks odd to you, listen to your gut. And think twice before giving out any personal information.
If you’ve fallen victim to a scam, let others know so more people can defend themselves against them.
References:
Canadians losing millions to investment scams: CSA, CAFC and RCMP urge vigilance and reporting
https://rcmp.ca/en/gazette/just-facts-romance-scams
https://stories.td.com/ca/en/article/grandparent-scam
https://www.rbcroyalbank.com/en-ca/my-money-matters/money-academy/cyber-security/understanding-cyber-security/top-scams-of-2025-what-to-watch-for/
