Ponzi schemes and other types of fraud have become more prevalent in recent years. According to recent statistics, fraud has emerged as the most common crime in Canada, impacting at least 2.5 million people in 2019 alone. The number highlights the importance of raising awareness and implementing protective measures against these schemes. Understanding the mechanics of Ponzi schemes and recognizing their warning signs safeguards investments from becoming tangled in such fraudulent activities. The prevalence of fraud underscores the need for vigilance and education in financial dealings to prevent falling victim to these deceptive practices. What are Ponzi Schemes? Ponzi schemes ...
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The landscape of investment opportunities is expanding rapidly. This growth brings with it an increased risk of encountering fraudulent schemes. Investment fraud is a pervasive issue that promises high returns with little to no risk. However, it ultimately leads to significant financial loss and emotional distress. Its impact on individuals includes the loss of life savings, diminished trust in financial institutions, and severe emotional turmoil. The Canadian Anti-Fraud Centre reported receiving over 4,000 reports related to investment fraud, amounting to a staggering $309.3 million in losses. This statistic underscores the critical need for individuals to be alert and informed about ...
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Since Bitcoin’s inception in 2009, crypto has seen a steady rise in following. It has expanded from a niche asset class to the mainstream, with multiple global exchanges and DeFi protocols carrying billions within their platforms. This includes holdings within hot wallets or as TVL (Total Value Locked) within DeFi. Moreover, with the successful debut of spot Bitcoin ETFs, billions more have flowed into crypto investment. Crypto’s journey, however, has been far from a smooth one. Like any new asset or investment opportunity, it began like the Wild West. Naturally, fraudsters and scammers were quick to take advantage. Fraud, scams, ...
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Construction fraud impacts individuals and businesses within the industry. It encompasses various deceptive practices, from billing for unperformed work to using substandard materials, significantly affecting construction projects’ financial and structural integrity. Annually, more than $4.7 trillion is lost worldwide to occupational fraud, highlighting the immense scale of the problem across all sectors, including construction. Specifically, in the construction sector, an average of 56 fraud cases occurred each year from 2016 to 2022. In Canada, home improvement scams were the riskiest scam type reported in 2022, according to a report from the Better Business Bureau (BBB). It resulted in a median ...
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Fewer and fewer people transact with cash nowadays. Most use an online payment app, debit card, or credit card. The increased use of credit cards online and offline comes with higher incidents of credit card fraud in Canada. According to a 2023 study, about a quarter (21 percent) of Canadians have been victims of credit card fraud in their lifetime. Credit card fraud happens when someone takes your credit card, account numbers, or card information and uses it for illegal or unauthorized activities. Scammers take advantage of the growing acceptance of and comfort with remote payment options to target vulnerable ...
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Owning a property is a significant part of the Canadian dream. Sadly, fraud cases have increased as real estate values surged over the past five years, especially in Canada’s major cities. For instance, criminals may impersonate homeowners to sell their properties and keep the proceeds they unlawfully obtained. In 2023, mortgage and title fraudsters, posing as homeowners and tenants, targeted at least 32 properties in Ontario and British Columbia. Real estate fraud can result in substantial financial losses. As a victim, you may discover the loss of homeownership and additional mortgages on your credit report taken out in your name. ...
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Fraudulent activities have long been a significant challenge in Canada’s mortgage sector. Moreover, virtual solutions in real estate processes have made it easier to happen. Due to the amount of information in the cloud, fraudsters can easily access data. Similarly, the challenging mortgage market and ongoing economic headwinds contribute to the rise in mortgage fraud. Equifax Canada’s quarterly data reveals that fraud rates in mortgage applications continued to increase by 9.9 percent in Q4 2023 compared to the same period in 2022. Most mortgage fraud involves first-party fraud, where the individual gives false information to secure a mortgage. Although lenders ...
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Fraud is a serious crime involving the deception of individuals into giving up their money or property through misrepresentation or outright lies. It can include phone scams targeting older Canadians or fraudulent investment schemes that trick people out of their life savings. Suppose you are facing fraud over $5,000 charges. It is crucial to have an experienced fraud defence lawyer on your side. This article will discuss fraud laws in Canada and how a skilled lawyer can guide you through this challenging situation. What counts as fraud in Canada? The Criminal Code of Canada (Code) §380 describes fraud and its ...
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Canada’s average new mortgage loan size dropped to $338,522 in 2023, down by 8.16 percent from the second quarter of 2022, says Statista. This numerical dynamic of mortgage loans is central to decisions related to real estate transactions, but it’s only one of the many aspects you should know, including legal frameworks. Whether you’re an investor or a real estate professional, this article provides insights into the legal essentials of securing favourable mortgage terms. You will learn proactive measures, from establishing creditworthiness to leveraging government programs, to enhance your negotiation positions, mitigate risks, and capitalize on opportunities within the complex ...
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As winter unfolds, blanketing our surroundings in frost and creating slippery conditions, the heightened potential for slip and fall accidents becomes a significant concern. Icy sidewalks, snow-covered paths, and slick floors pose risks for pedestrians, while property owners grapple with the challenge of minimizing liability. Self-Protection Tips: Footwear: Whether you’re a seasoned winter navigator or a newcomer to the frosty scene, the right footwear can be a game-changer in avoiding potential personal injuries. Opt for shoes with non-slip soles and reliable traction to minimize the risk of slipping on icy or snow-covered surfaces. Staying Alert: Avoid distractions ...
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