Protecting Your Finances from Fraudsters
At Moya Financial Credit Union, we prioritize your financial security. Scammers are becoming more sophisticated, using technology and psychological tricks to steal personal and financial information. In this guide, we’ll cover the most common scams and how to protect yourself.
1. Emergency Scams: The Grandparent & Relative Scam
Scammers often impersonate family members in distress, creating a sense of urgency to pressure victims into sending money.
How It Works
- A scammer calls, texts, or emails, pretending to be a grandchild or close relative in distress.
- They claim to be in an emergency—such as an accident, under arrest, or stranded—and urgently need money.
- Using social media and other sources, they gather personal details to make their story more convincing.
- Some scammers mimic voices or use AI voice cloning to sound like a real person.
- They insist on secrecy, urging victims not to tell other family members and to send money immediately.
- Payment is usually requested through wire transfers, prepaid gift cards, or cryptocurrency, making recovery nearly impossible.
- Victims often realize it’s a scam only after contacting the real family member.
How Scammers Use AI to Enhance the Scam
- Voice Cloning – AI tools analyze video or audio clips from social media to create realistic fake recordings of a loved one.
- Manipulated Messages – Scammers alter existing voice messages to sound urgent or distressed.
- Deepfake Technology – Short video clips are used to generate realistic fake voices or videos.
- Stolen Data – Personal details are collected from data breaches, hacked emails, or social media to make scams more believable.
How to Stay Safe
✅ Use a family code word – A unique password only known to family members can confirm identity in emergencies.
✅ Ask detailed questions – Scammers may know some details but will struggle with personal questions like the name of a childhood pet or a close friend.
✅ Verify with others – Call the person directly or check with another family member before sending money.
✅ Be wary of unsolicited calls & urgent requests – Hang up if pressured and contact the person directly using their known phone number.
✅ Slow down & stay skeptical – Scammers rely on panic and urgency—take a moment to think before acting.
2. Investment Scams: Fake Promises & Cryptocurrency Fraud
Investment scams often lure victims with promises of “huge profits” and “zero risk.” These scams regularly start on search engines, social media, dating apps, or through unexpected texts, emails, or phone calls. Cryptocurrency often plays a central role—scammers may ask you to invest in it or use it for payments.
Common Investment Scams & How to Spot Them
- Fake Investment Managers – A scammer poses as an investment expert and convinces you to transfer funds into their fraudulent accounts.
- Celebrity Impersonation Scams – A scammer pretends to be a well-known personality promoting cryptocurrency investments.
- Romance Scams – An online “love interest” convinces you to send cryptocurrency or invest in a scheme.
- Guaranteed Profits & Low-Risk Investments – Scammers promise big returns with no risk, but all investments carry some level of risk.
- “Free Money” Offers – Scammers claim you’ll receive free cash or crypto, but there’s no such thing as free money.
- Vague Investment Details – If someone can’t clearly explain where your money is going or how the investment works, it’s a red flag.
How to Protect Yourself
✅ Be skeptical of anyone demanding crypto payments. No legitimate business, government agency, or investment firm will require cryptocurrency upfront.
✅ Avoid promises of quick and guaranteed profits. Investing in crypto—or anything—always involves risk.
✅ Don’t mix online dating with investment advice. If someone from a dating app wants to help you invest, they’re likely a scammer.
✅ Research before investing. Look for reviews, scam alerts, and complaints.
✅ Watch for impersonators. Scammers pretend to be trusted figures to steal your money.
3. Relationship & Romance Scams
Online dating is a hotspot for scammers who build virtual relationships to steal money.
Red Flags
❌ Declares love too quickly.
❌ Avoids video calls and meeting in person.
❌ Requests money for emergencies, medical bills, or travel.
❌ Encourages investment in cryptocurrency through their “platform.”
How to Stay Safe
✅ Never share personal details (SIN, banking info, or passwords).
✅ Avoid investing based on online romantic connections.
✅ Always talk to someone you trust before making decisions.
4. Port Fraud / SIM Swapping
Fraudsters use SIM swapping to hijack your phone number and gain access to online banking, emails, and financial accounts.
How to Protect Yourself
✅ Keep your phone number private – Avoid sharing it publicly.
✅ Use strong, unique passwords and two-factor authentication (2FA).
✅ Be cautious of emails or texts requesting verification codes.
✅ Contact your telecom provider for extra security measures.
5. Online Marketplace Scams
Buying and selling online is convenient, but scammers exploit these platforms.
How to Stay Safe When Buying/Selling Online
✅ Meet in person in a well-lit public area and use cash.
✅ Bring a friend or let someone know your meeting location.
✅ Never share e-Transfer passwords before receiving an item..
✅ Watch out for fake e-Transfer links that mimic Interac.
✅ Enable Interac e-Transfer Autodeposit to ensure secure fund transfers.
✅ Be wary of deals that seem too good to be true.
6. Service Scams: Home Repair & Tech Support Fraud
Scammers pose as legitimate service providers, pressuring victims into bad decisions.
Home Repair & Contractor Fraud
- Get multiple estimates before hiring a contractor.
- Verify credentials – Check references and physical addresses.
- Avoid paying upfront – Never prepay large amounts before work begins.
- Turn away pushy solicitors – Legitimate professionals don’t pressure clients.
Tech Support Scams
- Warning Signs:
- Alarming pop-ups urging you to call a number.
- Calls from fake Microsoft or Apple representatives.
- Requests for remote access to fix non-existent problems.
- Demands for payment via wire transfer or cryptocurrency.
- Attempts to access your bank account to “process a refund.”
How to Stay Safe
✅ Never call numbers from pop-ups.
✅ Get multiple quotes before hiring contractors.
✅ Verify credentials and physical addresses.
✅ Never allow remote access to your computer unless you initiated the request.
✅ Hang up if someone pressures you into urgent action.
Moya Financial Credit Union: Your Trusted Financial Partner
At Moya Financial, we are dedicated to helping our members stay informed and protected against fraud. If you ever receive suspicious calls, texts, or investment offers, reach out to us for guidance.
🔹 Stay vigilant.
🔹 Stay informed.
🔹 Protect your finances.
For more tips on avoiding scams, visit moyafinancial.ca or contact our team today!
