Competition Bureau Offers Tips to Businesses During Fraud Prevention Month

OTTAWA, ONTARIO--(Marketwire - March 12, 2012) - Scams targeting businesses and not-for-profit organizations often succeed because victims think they are dealing with a reputable business.

With Fraud Prevention Month underway, the Competition Bureau would like to remind businesses that, before responding to offers, businesses need to verify who they are dealing with to avoid being victims of scams and what they are agreeing to. Email scams, for example, use creative methods every day, so question the legitimacy of every inquiry, no matter how official it may appear. The key is to recognize it, report it and stop it.

Here are a few things to consider that will help protect your organization from fraud:

• Closely examine any ads or offers and ask questions about anything that is unclear.
• Review all unsolicited offers with a critical eye, even if it seems to come from a well-known company.
• If a suspect offer comes in from a known company, look up their number in the phone book or online, and contact the company to confirm whether they actually sent the offer.
• Inform yourself about the product or service offered and do not feel pressured to act immediately. Take the time to research the offer.
• Read the fine print to understand what you are agreeing to.
• Always ask for a copy of the offer in writing.
• Before paying, confirm that you actually agreed to purchase the product or service, and make sure you receive what you ordered. Do not feel pressured into paying for a product or service because of threats that your credit rating will be damaged.
• Build in an anti-fraud plan (see the FACT campaign in the Fraud Prevention section of the Bureau's website).

Some of the most common types of fraud that businesses encounter are phony invoice and directory scams. In an effort to educate businesses and organizations about scams targeting them, the Bureau has a number of online products available, including the FACT section of the Bureau's website (Fraud Against Commercial Targets). For additional information on how to protect your business, please consult the Fraud Prevention section of the Bureau's website at www.competitionbureau.gc.ca/fraud.

The Competition Bureau, as an independent law enforcement agency, ensures that Canadian businesses and consumers prosper in a competitive and innovative marketplace.

FRAUD: Recognize It. Report It. Stop It.

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