45 Saskatchewan Federation of Police Officers What is Financial Fraud? If someone deceives you in order to take your money, property or anything of value, you are a victim of financial fraud. Strangers, family members or people you know can commit financial fraud.This fact sheet talks about financial fraud by strangers. How do Strangers Commit Financial Fraud? Financial fraud by strangers is usually hidden within a legitimate activity, such as a prize lottery; telemarketing or door-to-door sales pitch; or investment opportunity – but the objective is completely different. People behind financial fraud schemes are experts in deception, and they are good at coming up with new ways to trick unsuspecting victims. Their materials and presentations are carefully designed and very professional. They are experts at manipulation. They do not care how their actions hurt you emotionally or financially. How Do Strangers FindVictims? Scam artists use telephones, letters and the Internet to reach you.They may even knock on your door.They often appear friendly and charming.They pretend to be offering you something that you need or want. Could It Happen to Me? Financial fraud by strangers can happen to anybody, but senior citizens are often their targets. It is important to know that you can take steps to protect yourself. Here are some tips that will help to keep you from becoming a victim: • Be sceptical. If a business deal or investment seems too good to be true, it probably is. • Do not pay large sums of money in advance. Honest businesses will not ask you for large amounts of money up front. • Take your time. Any honest business will let you have as much time as you need to think about whether you want to buy or invest your money. People who pressure you to act quickly may be trying to take your money before you have second thoughts.Take as much time as you need. Use this time to consult with others about the business and the offer. • Stay calm. Con artists often try to scare or excite their victim.You may be told that your investments are at risk or that you have to act quickly to take advantage of the special opportunity they are offering.They are trying to get you to agree to the deal so that they can take your money before you have time to think it over or to check with others. • Remember that business is business. Con artists often try to make friends with you to gain your trust. Be cautious if someone you do not know who is offering a business proposition seems anxious to discuss your personal life or seems overly friendly. • Check lots of sources before agreeing to the offer. Talk to friends, family members and a registered financial advisor. If you have access to the Internet, look on-line for information. Call the Better Business Bureau to see if there are any complaints about the individual or the company. Check carefully before you agree to any financial investment. It is important to check several sources, as well as sources other than the company or person who wants you to buy – many frauds are actually backed up by false telephone call centres or false Internet sites. • Before spending money, talk to more than one company. Sometimes people come to your door and say your roof is leaking and needs to be replaced or your house Financial Fraud by Strangers Banner Image created by rawpixel.com - www.freepik.com
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