Recognize the signs of a scam

“If it looks too good to be true, it probably is."

It’s an old saying — one many have heard throughout their lives — but unfortunately, a growing number of Canadians aren’t getting the message and continue to fall victim to scams that not only leave people out money, but also leaves them feeling violated.

A growing number of people, including several in Atlantic Canada, are falling victim to rental scams. Realizing how hot the rental market is in several larger centres, including Charlottetown, scammers are posing as landlords to pull in their prey — unsuspecting people looking for a deal on a new home. People desperate to find somewhere to live in the middle of a housing crisis, whether it be an apartment or a home that’s come available quickly and won’t last long.

These high-pressure tactics are very convincing, and more people are falling for it.

Statistics from the Canadian Anti-Fraud Centre are very revealing. More than $1.4 million has been lost over the last three years in online rental scams, while the Better Business Bureau claims 50 per cent of those looking for a rental home will likely encounter scams if they use online sites like Craigslist, Kijiji and Facebook.

Last year, the CAFC said there were 627 reports and 385 victims, totalling more than $586,000 in losses — up from 541 reports and 273 victims in 2019 (totalling $443,888 in losses).

The Guardian recently told the stories of several people who have fallen for the scam. A Charlottetown woman lost $2,700 last month and a single mom from Auburn, N.S., lost $900 in November, and the fact is for everyone that comes forward to report a scam to police there are many more who don’t because they’re embarrassed to have been bamboozled out of their cash.

In many of these scams, fraudsters use real estate listings to get photos to post fake rental ads on social media and sites such as Kijiji. People, eager to save a few dollars in their housing search, see these ads and are pressured into providing a down payment and later finding out their financial information has been compromised and the money they sent via e-transfer, or credit card is long gone.

While scammers and fraudsters (many of whom are located overseas and can’t be touched) will continue to be a reality as long as we communicate via the internet, and they’ll undoubtedly change tactics to take advantage of people, there is something people can do to limit their exposure.

Foremost is education and awareness. The antifraud centre is urging people to use every means necessary to recognize and reject scammers and report it to police. And, if you are a victim of a scam, don’t be afraid to share your story because it could be another piece to the puzzle investigators need to nail a fraudster and prevent others from being victimized.