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This is the stuff you millionaires in the making need to know to kick start or propel you on your financial fitness journey. Tracey Bissett, Founder of Bissett Financial Fitness and award winning Financial Literacy Champion, gives you the straight goods each week to set yourself up for financial success. As a former executive at TD Bank, one of Canada's Big 5 Banks, Tracey has worked with and in support of thousands of individuals and entrepreneurs to secure the financing they needed.  This hands on experience combined with her formal financial education, Masters of Business Administration and Chartered Financial Analyst designation, position Tracey uniquely to coach all things money. Tracey goes behind-the-scenes of all the money matters with need-to-know tips, money-making demystified, and special power-player interviews. Join us weekly for Financial Fitness Training that will turn even a Cash Couch Potato into a Marathon Money Maker.

Mar 13, 2018

Every March, the Canadian government holds Fraud Prevention Month. It is a public awareness campaign that educates people about fraud and encourages them to recognize, reject and report it. The Competition Bureau works with other organizations such as the Canadian Anti-Fraud Center and Royal Canadian Mounted Police (RCMP) in fighting against deceit, whether online or offline.

In this episode, I’m sharing some signs of frauds and scams and some ways fraudsters can trick you. I’m also sharing some reminders on how to protect yourself and the information on your computer and mobile phone as well as other ways to protect yourself from fraudster deception.


“With fraud, it is important to recognize, reject, and report it.” - Competition Bureau


This Week on Young Money:

  • What the Competition Bureau does
  • How much Canadians lost to fraudsters between January 2014 and December 2017
  • Why the number of frauds reported is low because of the attached stigma
  • What happens when frauds don’t get reported
  • What the phishing scam is
  • Why the emergency scam tricks Canadians
  • Example of a wire or supplier fraud
  • How to identify an extortion scam
  • Other types of scams
  • Reminders regarding your personal identification number (PIN)
  • Where to report cases of fraud


Key Takeaways:

  • A bank or financial institution will never send you an email or call you asking you to disclose personal information.
  • Never send your financial information online.
  • Don’t click links or open attachments that are in unsolicited emails. Install anti-spam, anti-spyware, and antivirus on your computer.
  • Don’t keep passwords on your phone.
  • Remember: if it is too good to be true, it probably is.


Resources Mentioned:

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