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April 24, 2013

Homebuyers need to be on the alert for bogus claims

Most homebuyers shopping in a choppy market are taking their time. But, if you're in the minority of people who have a deadline - because of an impending birth or a new job - this environment offers both opportunities and challenges.

Some people who move too quickly are motivated by timing pressures related to relocation, while others worry they'll be living with their parents because they've sold their home a bit faster than expected.

But the bigger issue is often with stressed sellers who are simply too anxious to get out in a hurry.

When a homeowner is desperate to sell and a buyer is ready to fork over the cash, the truth about a house is often swept under the rug, experts suggest.

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April 08, 2013

Celebrity names increasingly powerful lures for scammers: report

Just like the music charts, celebrity names pop in and out of favour. Scammers know this, which is why they use the top names as lures for malware scams and identity theft.

Famous names are used for a whole host of tricks, from people actually posing as celebrities to bogus endorsements of products and events, says Scambusters.  

One of the most prevasive stunts is to use the name of a well-known figure in emails or messages on social media like Facebook and Twitter to lure victims into clicking an attachment or a link that downloads malware onto their PCs.

However, it turns out that not all celebs are equal when it comes to the popularity of their names as bait for click tricking. And, like celebrity status itself, the names change over time.

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March 28, 2013

Americans top list of illegals working in Canada: report

Following the lead of several U.S. cities, the City of Toronto recently passed a controversial 'access without fear' motion that would provide undocumented migrants access to municipal services such as food banks and homeless shelters.

The move sparked howls of protest from groups like The Centre for Immigration Policy Reform, who argue that by failing to uphold the law, Canada´s largest city has sent a message that the law doesn´t matter.

Dissenting councillor Minnan-Wong doesn't agree with the decision either, suggesting that illegals don't deserve access to government services.

“We shouldn’t encourage them. We shouldn’t help them. We should not facilitate them. They are an insult to every immigrant who plays by the rule to get into the country. They are an insult to every immigrant who is waiting to enter this country legally,” Minnan-Wong told the Toroto Star.

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March 20, 2013

Beware of testimonial and subscription scams

If it sounds too good to be true -- it probably is.

The Competition Bureau wants consumers to be aware of scams as part of its 2 Good 2 Be True campaign during Fraud Prevention Month in March.

Among the various scams out there, the Competition Bureau wants consumers to recognize false online testimonials and subscription traps on mobile devices.

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March 05, 2013

Sharing isn't always a good thing

1260785_84481055Remember when you were little how you were always taught that it's good to share?

Oh sure, it's always polite to share your toys or cookies.

But as we get older we are now finding out that it may not be such a good thing -- especially when it comes to sharing our personal and financial information on the Internet.

A recent study by Visa Canada revealed that many Canadians are in fact "oversharing" their financial information over their computers and cellphones which could put them at a greater risk for fraud.

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December 06, 2012

Do you worry about what happens to your charitable dollars?

A few weeks ago, Ottawa's Salvation Army fired its executive director after an internal audit revealed that $240,000 had gone missing.

1387772_pizza_sliceA few days later, the charity revealed that some $2-million worth of toys and other donated goods went missing from, or never reached, its main distribution warehouse in Toronto.

Even though it's a great cause, sure makes you wonder who's minding the store.

But what about the case of Aaron Collins who passed away earlier this year, leaving behind one final wish for his family: Order a pizza and leave the server a $500 tip.

The family started a website to solicit donations, and then headed off to their favourite pizza spot to honour the 30-year-old's last request.

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November 28, 2012

Have you ever been hit by fraudsters?

It's no secret that senior citizens are often the targets of fraud and financial crimes.

793500__canadian_money_Among the reasons: Some older people have built substantial assets (including their own home/cottage and large savings accounts), they're easy to find at home, and they can often be swayed by fears of losing their financial independence.

Estimates from MetLife's Mature Market Institute suggest that this group loses approximately $2.6 billion per year due to financial abuse -- fraud, as well as theft by family members and acquaintances.

Although it's widely believed to be underreported, a 2009 study by MetLife's Mature Market Institute estimates that seniors lose approximately $2.6 billion per year due to financial abuse -- fraud, as well as theft by family members and acquaintances.

Read more: http://www.bankrate.com/finance/retirement/fraud-5-scams-aimed-at-the-elderly-1.aspx#ixzz2DWu9yVfr
Follow us: @Bankrate on Twitter | Bankrate on Facebook

But it seems that seniors aren't the only group getting fleeced.

With a generally low level of investment knowledge, Canadians of all ages remain popular targets for fraudsters, according to the The Canadian Securities Administrators (CSA) which just released the third edition of its survey of investment knowledge, investor behaviour and incidence of investment fraud. 

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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...