Look out for COVID-related financial scams
On one hand, the COVID-19 pandemic has brought out the best in many of us, with people across Canada pitching in to help others. But on the other hand, there are a small number of scammers who are trying to take advantage of the situation.
How can you guard against these scam artists? Start by becoming aware of three common scams connected to the pandemic.
WEBSITES CLAIMING TO TRACK THE PANDEMIC
Look out for websites claiming they help you work remotely or that they provide financial resources to anyone impacted. These sites may try to trick you into giving up your personal information, donating money or downloading malware onto your computer. Never trust any information technology (IT) or helpdesk agent that
you don’t know. When in doubt, use a reputable charity evaluator like charityintelligence.ca to look up any obscure organization claiming to help those impacted by COVID-19.
PRODUCTS CLAIMING TO PREVENT OR CURE COVID-19
If and when a treatment exists for COVID-19, it will be big news that is announced through an organization like the Government of Canada. Until then, ignore any claims of miracle cures. These scams will not only waste your money but could also supply crooks with your personal information by clicking on phishing email attachments advertising such fake cures.
FINANCIAL HELP OR ‘PERFECT’ INVESTMENTS
The coronavirus has caused two separate yet related areas for people’s health and the second is regarding finances and investments. These two stressors combined to cause volatility in financial markets during the pandemic, which has caused much concern among investors. This also means scammers are seizing this opportunity to offer financial assistance or socalled risk-free or guaranteed investments they say are perfect for this particular time. Again, responding to these types of offers can bring you nothing but trouble. If something sounds too good to be true, it probably is. Your best move is to stick with a longterm investment strategy based on your goals, risk tolerance and time horizon.
There is one more thing you should consider as you stay safe from scammers. You should also warn your older relatives and friends about the increased potential for scams. Older adults are usually the most susceptible to fraud and now, when they are likely more isolated than ever, they may also be even more vulnerable. Urge them to not make any sudden, out-of-the-ordinary financial moves.