Don’t Let Scammers Call the Shots

Someone once said that if Al Capone had turned his talents toward legitimate enterprise, he could have been the CEO of General Motors. Today’s fraudsters are no different—highly organized, intelligent, and using sophisticated tools. Unfortunately, they’re applying those skills to deception, not innovation.

My Close Call

Recently, I received a phone call that appeared to be from the financial institution where I conduct my personal banking. I knew who it was because the name and phone number saved in my contacts showed up on my phone’s display. The caller said there were suspicious charges on my account and asked if I was travelling. It sounded plausible—especially because fraud is so rampant these days.

But just the night before, we had dinner with two clients who shared their own close call. They’d received a similar phone call, supposedly from their bank, and were nearly scammed. Thankfully, their bank caught it in time.

With their story still fresh in my mind, I told the caller, “For my own security, I’m going to phone you back.” After I dialed the number, a new voice from the bank confirmed: they hadn’t called, and there were no issues on my account.

So how did their phone number appear on my call display?

It’s called caller ID spoofing—a trick fraudsters use to make a call look like it’s coming from a trusted number. It’s shockingly easy to do and incredibly convincing. Today’s scammers are becoming alarmingly sophisticated. They impersonate, forge documents, and use phone or video calls to trick people.

Crypto Victim Featured by the Star

Some victims aren’t as lucky in steering clear of scams. Earlier this week, The Toronto Star shared the heartbreaking story of a 61-year-old Cambridge man who lost his entire life savings to a cryptocurrency scam. It started with a fake investment ad on social media featuring Kevin O’Leary. After wiring over $500,000 to the fraudsters, the man is now being forced to sell the home where he’s lived for 28 years to pay off debt.

What You Can Do

• Ensure any person or firm offering investment advice is registered with your provincial regulator (click here)
• End any incoming calls and phone back the number, even if you recognize the voice.
• Use a complex password for each login.
• Assign a different password for each login.
• Enable multi-factor authentication.
• Avoid clicking on suspicious links.
• Be skeptical of urgency. Scammers often try to create panic to get you to act fast.
• Keep your devices and software updated.
• Don’t share personal or financial info by text or over the phone unless you initiated the call.
• Check for grammatical errors or strange email addresses in messages claiming to be from trusted institutions.
• Review your credit reports regularly for suspicious activity.
• Don’t use a public WiFi to access your financial information.

Schneider & Pollock Employs Best Practices

Our firm serves about 60 clients. That means we know you—and your communication style—well. We’ve recently reviewed and upgraded our internal policies following input from multiple cybersecurity experts from two different companies. These enhancements ensure we never experience a problem like those highlighted. While we won’t share the technical details publicly to protect the integrity of our systems, the experts say we’re following today’s best practices.

Your vigilance is your best defence. If you ever have a doubt, even a small one, concerning a call, email, or message, call us directly at 416-646-0756. We’re always here to offer guidance and support.

-written by Jeff Pollock