Scotiabank Nipawin launched fraud information sessions earlier this week. (Submitted/Scotiabank Nipawin)

By Cam Lee

Scam prevention

Scotiabank in Nipawin hosting meetings to help residents avoid scams

Sep 13, 2024 | 5:00 PM

A local financial institution has launched some fraud information sessions.

Scotiabank in Nipawin recently initiated a series of sessions focused on making sure residents, especially seniors, are equipped with information on how to recognize, reject, and report fraud.

Scotiabank Nipawin presented to a group of 60 members at the Nipawin Seniors Hall Sept. 11, the first of several planned presentations. Scotiabank stated in a news release they were invited by Ruth Von Bieker, director of the Nipawin Senior Citizens Association, to speak to its members on fraud.

Scotiabank Nipawin Branch Manager Ian Brown, Timothy Fehr, Senior Financial advisor at Scotiabank Nipawin and Karson Evanovich from Karson Tech Help made presentations at the meeting.

Brown said in the release he agreed with an RCMP Fraud Prevention Month 2024 article that stated, “education remains the strongest line of defence against fraud.” Brown said Canadians are victimized daily by fraudsters, and the seniors are their preferred target.

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Statistics Canada states that fraud cases in Canada have almost doubled over the past ten years, surging from 79,000 in 2012 to 150,000 in 2022. According to the Canadian Anti Fraud Centre (CAFC) “in 2023 alone, Canadians lost a staggering $567 million – an increase of $37 million from 2022 and $187 million since 2021.” The CAFC said only five to ten per cent of frauds are reported.

A Saskatchewan RCMP release this week stated that scammers have stolen more than $3.4 million in cryptocurrency frauds from residents in the province so far in 2024.

RCMP say they investigated 116 cases of cryptocurrency fraud.

According to the RCMP, warning signs for a crypto scam include offers of investment opportunities with abnormally high returns, unsolicited investment offers, urgent pressure to send money, suspicious messages from trustworthy sources, and more.

Several scams to watch out for include employer scams, as the fraudster imitates someone’s boss and asks them to take money from the business and put it into a crypto currency ATM. Grandparent scams feature scammers pretending to be a relative of a victim (often elderly), asking for immediate financial help. Meanwhile, scammers in an investment fraud lure victims using crypto investment opportunities, often using celebrity names to do so.

Anyone contacted by a scammer is recommended to report it to the Canadian Anti-Fraud Centre, even if you weren’t victimized by the scam.

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Cam.lee@pattisonmedia.com

On X: @northeastNOW_SK