Hi folks! The world is full of scammers these days. Many of the less sophisticated scams can be avoided simply by improving your financial literacy. Others, however, are more elaborate such as an unexpected deposit in your bank account. These schemes prey on trust and quick reactions, targeting everyone from students to business owners.
The Overpayment and E-Transfer Trap
A common version of this scam begins with what appears to be a legitimate Interac e-Transfer or direct deposit. Soon after, you receive a message claiming the payment was made in error — perhaps due to a payroll mix-up or wrong email. The sender politely asks you to return the funds.
However, the initial transfer is often fraudulent and is later reversed, meaning any refund you send comes straight from your own pocket. Once you send the money back, the scammer disappears.
Other Common Scams
Business and Payroll Impersonation
More advanced scammers target small business owners and professionals by impersonating legitimate companies, vendors, or even government departments. They use convincing invoices, cloned email domains, and real-looking paperwork to make the payment appear authentic.
Because these transactions mirror real business processes, even detail-oriented or financially experienced Canadians can fall for them.
Investment and Crypto Bait
Some scams come disguised as investment or cryptocurrency profits. Victims receive what looks like a trading “return” or a bonus credited to their account. The message may ask them to deposit a verification fee or make a small top-up to release the full payout.
These schemes often target Canadians who already invest online, blending fake profits with just enough realism to seem plausible.
Refund and Rebate Hoaxes
In another common version, scammers pose as the Canada Revenue Agency (CRA), telecom companies, or banks. They claim you’ve received a refund or rebate by mistake and must send the money back immediately to avoid “legal consequences.”
This sense of urgency is their weapon — prompting victims to act before verifying.
How to Protect Yourself
- Never return money from unexpected deposits — banks can handle legitimate errors directly.
- Contact your financial institution through verified channels if a suspicious payment appears.
- Ignore refund requests involving e-transfers, cryptocurrency, or prepaid cards.
- Report all incidents to both your bank and the Canadian Anti-Fraud Centre (CAFC).
Scammers rely on confusion. If money lands in your account unexpectedly, the smartest move is to pause and verify before you act.
DGB
Legal disclaimer: The material provided on this web site is for general information purposes only. It is not intended to provide legal advice.
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