Financial Consumer Agency of Canada

Financial Consumer Agency of Canada

March 27, 2015 10:00 ET

#FPM2015: FCAC's Five Tips to Fight Financial Fraud

OTTAWA, ONTARIO--(Marketwired - March 27, 2015) - Financial Consumer Agency of Canada

Editors' Note: There is a video associated with this press release.

How do you protect yourself from fraud? The Financial Consumer Agency of Canada (FCAC) is closing Fraud Prevention Month (#FPM2015) in Canada by sharing tips to help Canadian consumers thwart financial fraud.

Some of the top fraud questions consumers asked FCAC include:

  • How do you respond to unauthorized transactions on a credit or debit card?
  • How can you protect yourself if your wallet has been stolen?

Here are steps you can take to protect yourself in these situations:

1. To help prevent and recognize fraud, never share your credit card or debit card's personal identification number (PIN) with anyone, even your family.

2. Check your statements every month to spot any errors, and if you cancel any accounts or cards, ask for written confirmation that this has been done.

3. Contact your financial institution the moment you suspect there has been fraudulent activity with your credit card or bank account.

4. Check your credit histories with Canada's two credit reporting agencies, TransUnion and Equifax Canada, to ensure you are not a victim of fraud.

5. Report any suspected fraudulent activity to the Canadian Anti-Fraud Centre at 1-888-495-8501.

For more information on how to protect yourself from fraud, visit FCAC's website at ItPaysToKnow.gc.ca

Quick facts

- Although March is Fraud Prevention Month in Canada, consumers should practise fraud prevention year-round.

- FCAC does not directly oversee investigations into alleged fraud. It works with financial institutions to ensure consumers know their rights and responsibilities when it comes to fraud.

- FCAC recently launched the Canadian Financial Literacy Database, a one-stop shop on personal finance matters, including fraud. Browse through the database to find information, tools and resources that can help you deal with fraud or any other financial challenge.

- FCAC is responsible for monitoring financial institutions' compliance with public commitments and voluntary codes that protect consumers.

- You can contact the Canadian Anti-Fraud Centre regarding potential investigation of fraud complaints.

Quotes:

"Fraud affects Canadians from all walks of life. It is important that Canadians become familiar with their rights and responsibilities so they can avoid becoming victims of fraud."

-Lucie Tedesco, Commissioner of the Financial Consumer Agency of Canada

"By strengthening their financial literacy, Canadians can spot the warning signs of fraud and minimize their vulnerability."

-Jane Rooney, Financial Literacy Leader

Additional links:

- Financial Consumer Agency of Canada

- Canadian Financial Literacy Database

- Canadian Financial Literacy Database resource input tool

- Your Financial Toolkit: How to Recognize Fraud

- Canadian Anti-Fraud Centre

- Royal Canadian Mounted Police

To view the video associated with this press release, please visit the following link: https://www.youtube.com/watch?v=nNkPjSjOvCQ

Contact Information

  • Natasha Nystrom
    Media Relations Officer
    Financial Consumer Agency of Canada
    613-941-4168
    Natasha.Nystrom@fcac-acfc.gc.ca

    The Financial Consumer Agency of Canada (FCAC)
    is online at ItPaysToKnow.gc.ca

    Follow @FCACan on Twitter
    Subscribe to FCACan on YouTube
    Like Financial Literacy Month in Canada on Facebook
    Join the Financial Literacy in Canada group on LinkedIn