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November 2014

LIFE LETTER MATURE

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Financial Fraud Prevention Tips

Financial fraud is still the most prevalent crime today. The Internet is also making it easier for fraudsters to do their deeds from just about anywhere in the world. According to scambusters.org, money wiring and reloadable cards are the most difficult to trace and make certain frauds that much easier:

Advance Payment - The victim decides to participate in a “money-making opportunity” and is sent a cheque for advance payment, but the amount is much larger than expected. The scammer then asks for the difference wired back before the bogus cheque clears.

Distress Scams - The victim receives a phone call from, supposedly, a relative or friend who is allegedly in trouble and urgently needs cash. Money is wired to a location and the fraudster collects the money.

Lottery Scam - The victim gets a phone call or e-mail declaring they have won a substantial sum in a lottery and all they have to do is pay a fee or tax to claim the prize.

Phony Fines or Bills - The victim receives a convincing bill or fine notice and are urged to pay it right away to avoid severe penalties. A phone call follow-up may occur to make arrangements for a wire transfer.

Western Union, the largest money wiring service, strongly recommends the following simple 8 rules to protect yourself from financial fraud:

1. Never send money to people you haven't met in person.

2. Never send money to pay for taxes or fees on lottery or prize winnings.

3. Never use a test question as an additional security measure to protect your transaction.

4. Never provide your banking information to people or businesses you don't know.

5. Never send money in advance to obtain a loan or credit card.

6. Never send money for an emergency situation without verifying that it's a real emergency.

7. Never send funds from a check in your account until it officially clears, which can take weeks.

8. Never send a money transfer for online purchases.

Protect yourself – because it’s the right thing to do.

Call Hans Mathisen today at (306)242-7042.
or email -
hans@mathisen.ca

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Mathisen Financial, Inc.
335 Redberry Road
Saskatoon, Saskatchewan S7K 4W5
Bus. (306) 242-7042 Fax. (306) 242-4314
Email:
hans@mathisen.ca