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phone banking and money scams

A Guide to Protecting Newcomers Against Phone Banking and Money Scams


Every March, Immigration, Refugees and Citizenship Canada (IRCC) proclaims the month to be Fraud Prevention Month in order to raise awareness of the various frauds and con games that affect immigrants’ life in Canada.

Thus, in order to achieve that objective, the blog that follows will cover the increased incidence and prevention of phone banking scams in Canada.

Increasing Phone/ Banking Scams Data Released by Canadian-Anti-Fraud Centre (CAFC)

Global News stated that since 2020, there have been an additional 1,600 fraudulent phone calls reported from scammers posing as financial institutions –  Canadian-Anti-Fraud Centre (CAFC) data. There were 1,147 calls reported between January and September 30 of this year. In 2021, this number increased to 2,212, and in 2022, it increased to 2,769.

With a view to protect applicants from any kind of phone banking scams, IRCC requires immigration applicants to submit proof of funds. Why? Because it helps dispel any doubts the Canadian government may have regarding an applicant’s ability to sustain oneself financially

Hence, potential Canadian immigrants should exercise extra caution to protect their money and make sure it does not end up in the hands of fraudsters. This also applies to recent immigrants to Canada, who are more vulnerable to scams than nationals or long-term residents who have already established themselves in the nation.

How to Protect Yourself Against Phone Banking/Money Scams

Here’re three tips that can help you save from becoming victims of a phone scam:

Beware of Fraud Call or Text

Prospective and recent Canadian immigrants should not act right away if they receive a strange phone or text, such as one threatening legal action if money is not exchanged. If you receive communications like this, you shouldn’t take any immediate action.

Protect Your Sensitive Information/Data From Acammers

Newcomers to Canada are advised not to give out their personal information over the phone to incoming callers (scammers). This is because to the chance that they are attempting to trick the caller by posing as a trustworthy financial institution or government body. The IRCC won’t actually call someone and demand payment for anything.

Don’t Click on Refuted Links

The links which are not verified are frequently used in text message scams by senders to attempt to acquire critical personal or financial information. It is advised that recipients of texts like this refrain from clicking on the links inside them.

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