Financial fraud is tricking someone out of their money. It’s much easier to spot and avoid when you know what to look for.

Financial criminals, also called fraudsters or scammers, try many different things to trick people into giving them money. For example, they might phone you and impersonate a loved one or a government official. Or they might send you a fake email that looks real.

You may also be the target of scams built by fraudsters to specifically trick newcomers to Canada like you.

These tips will help you recognize financial fraud and bank defensively.

1. Watch out for government imposters.

Fraudsters may target people who are new to Canada by phoning them and impersonating government officials. Sometimes they will say you didn’t fill out some paperwork properly and that you will lose your immigration status or be deported if you do not pay a fine.

This is a scam. According to the Government of Canada, Immigration, Refugees and Citizenship Canada (IRCC) will never threaten to deport you over outstanding fees. If someone claiming to represent IRCC tells you this on the phone, hang up.

Government officials will also never:

• Ask you to deposit money into a personal bank account.
• Pressure you into paying fees right away.
• Ask you to transfer money using prepaid credit cards, gift cards or Western Union.
• Ask you to convert Canadian Dollars to cryptocurrency for any reason.
• Use social media or free email services like Gmail, Yahoo Mail or AOL Mail to contact you.

2. Beware of tax scams.

You may be approached by someone promising to reduce your taxes or help you get benefit and credit payments that you don’t qualify for. This could be a tax scam.

These fraudsters often say that newcomers can get benefit and credit payments for periods of time before they arrived in Canada. This is incorrect. Government of Canada benefits and credit payments can only be claimed for periods of time after arriving in Canada (and according to other eligibility criteria).

According to the Government of Canada, if you participate in a tax scam you could face serious consequences, including court fines and jail time. If you receive payments you’re not eligible for, you must repay the money. You may also receive penalties, court fines, and jail time.

If you get a call from someone claiming to be from the Canada Revenue Agency (CRA), the Government of Canada recommends that you hang up and confirm that the call was real by calling the CRA at 1-800-959-8281. Any fraudulent calls should be reported to the Canadian Anti-Fraud Centre and to your local police.

You can also sign up for the CRA’s My Account Online service, which will let you review all your CRA correspondence in one place. You can sign in to My Account Online through a CRA user ID and password or through one of their approved Sign-In Partners. If you are an ATB client, you can select ATB as a Sign-In Partner on My Account and use your online banking credentials.

3. Be careful with your personal information.

Fraudsters may try to trick you into giving them information that lets them access your money or steal your identity.

There are many different forms of this, but they all have one thing in common. They involve an unexpected or urgent need for you to share sensitive information, like your PIN, online banking password, one-time passcodes or credit card information.

Legitimate organizations that deal with such information will never contact you and ask for this information over the phone or by text message.

You can avoid most of these scams by sticking to a simple rule. Only share sensitive information on calls that you make.

If a business, for example a bank or your power company, calls you and asks for sensitive information, it may actually be a fraudster impersonating an employee. The best thing to do is to hang up and call the business back using a verified phone number posted on the business’ website.

4. Watch out for fake emails and text messages.

Scams built around fake emails are called “phishing,” pronounced like “fishing.” Scams built around fake text messages are called “smishing.” Both focus on tricking the reader into opening a link or downloading a file and stealing their information. Phishing and smishing scams can look real, but there are certain signs that they are not:

• They are unexpected and pressure you to act quickly.
• They offer prizes or benefits that seem too good to be true.
• They often have poor spelling and grammar.
• They ask you to share your personal information or two-factor authentication codes over email or text.

Also, fake emails often have errors in the sender domain name, which is the part of the email address after the “@” symbol. For example, a phishing email pretending to come from ATB might be sent by “john@aatb.com” or “atbsupport@gmail.com”. Look closely at email addresses to avoid scams.

If you receive an email or text message that you think is fake, do not click on any links or open any attachments—and don’t reply “no” or “stop” to a suspicious text.

Instead, delete the message and contact the relevant organization through a channel you know is safe, like the number on the back of your debit card. You can also forward suspicious texts to 7726 (“SPAM” on most keypads).

5. Watch out for housing and employment scams.

Fraudsters often target newcomers with scams involving fake jobs or fake homes.

You can avoid these scams by remembering that:

• Employers, not employees, pay recruiters. If a recruiter asks for payment from you, it is likely a scam.
• A job offer for which you did not apply is probably also a scam.
• A recruiter or business that asks for payment in exchange for a job is probably a scam.

6. If a fraudster gets access to your banking information, contact your financial institution immediately.

If you’re worried that a fraudster has access to your financial information—especially your credit card information, account statements, and online banking details—the first thing you should do is contact your financial institution. You should also do this if you think a fraudster might have stolen one of your cheques.

At ATB, the number to call is 1-800-332-8383.

7. Make a habit of reviewing your account information and looking at new security tips.

It’s also a good idea to look at your bank accounts regularly—for example, when you get your monthly statement. Under the terms of most account agreements, like ATB’s Personal Account Agreement, it’s also your responsibility. Unusual activity or unfamiliar transactions can be signs of fraud.

You can receive a monthly statement of your transactions through online or mobile banking or in the mail.

Fraudsters are resourceful and will probably come up with new ways to trick people.

To stay one step ahead of them, make a habit of seeking out new information on fighting fraud periodically. Visit our Banking and fraud prevention pages and Online Banking Security Guarantee for more information and education. You can also read the Government of Canada's “The Little Black Book of Scams”, a guide to protection against fraud.

ATB everyday banking advisors are here to help you and your family. For answers to your questions, to learn more about the Canadian banking system, and for advice on reaching your financial goals, book an appointment with an advisor at an ATB location near you.