Starting a new chapter in Canada is an exhilarating journey. Amidst finding a home, building a career, and opening your first Canadian bank account, settling in this new country can be challenging. While newcomers are hustling for their futures, scammers may be lurking, ready to take advantage of them.
With March marking Fraud Prevention Month, Radio Y 105.9 FM had a special conversation with Harpreet Johal, Branch Manager at TD — as part of TD’s New to Canada Educational Series — to discuss why newcomers are often targeted by fraudsters and what steps they can take to protect their hard-earned money.
Why are Newcomers Targeted for Financial Frauds?
Moving to a new country means learning how a whole new system works. “It’s about a lack of familiarity,” Harpreet explained. Many newcomers are unfamiliar with the Canadian financial system, including common practices, market norms, and legal regulations. “That knowledge gap can become an opportunity for scammers.” In addition, language barriers and the need for support also make newcomers more vulnerable to misleading communication and fraudulent schemes.
According to a recent TD survey, 46% of Canadians report encountering scams at least once every week or every few days, highlighting how common fraud attempts have become across the country. While the statistics are concerning, Harpreet emphasized that awareness and education remain the most effective first lines of defence.
“Fraud can happen to anyone,” she said. “The most important thing is to know the warning signs and feel comfortable speaking up when something doesn’t seem right.”
Common Scams Targeting Newcomers
Fraudsters often target individuals during moments of transition or uncertainty. Newcomers searching for housing, employment or immigration support can be particularly vulnerable.
Harpreet highlighted several common types of scams targeting newcomers:
- Fraudulent Immigration Consulting: Fraudsters pose as consultants and promise faster visas or permanent residency in exchange for large upfront fees.
- Rental Scams: Newcomers searching for housing online may encounter fake listings that require deposits before viewing the property.
- Money Transfer Scams: Scammers may offer better exchange rates or lower transfer fees to persuade individuals to send funds through unofficial channels.
- Bank Investigator Scams: Fake investigators may text or call about suspicious activity, creating urgency for individuals to provide personal information or transfer money.
Simple Steps to Protect Your Money
“Whenever someone pressures you to act quickly or requests sensitive information, that’s a red flag,” Harpreet advised. “Take a moment to slow down and verify before making any decisions.”
In many fraud cases, scammers rely on panic and urgency to make you bypass your common sense. That’s why our best defense is to give it a pause – stop, think, and verify.
Harpreet shared simple habits that can make a significant difference:
- Slow down and double check before taking action on urgent requests
- Never share sensitive information, including PINs, passwords, and one-time passcodes
- Avoid clicking on unfamiliar links sent by text or email from unknown individuals
- Question offers that seem too good to be true – they often are
- Contact banks or government agencies using their official channels or numbers
If fraud is suspected, stay calm and lock your cards immediately. “Act fast to stop the damage – TD clients can lock their cards through their TD mobile app or the online banking platform EasyWeb.” said Harpreet. “Then, contact the bank to report any suspicious charges or transactions.” She also recommended keeping everything on record and reporting it to the Canadian Anti-Fraud Centre.
Fraud Prevention Tools and Resources
“Recognizing that a newcomer’s lack of familiarity is a primary target for fraudsters, TD is committed to bridging the information gap.” To do this, Harpreet highlighted TD New to Canada Learning Centre— a hub of informative articles covering essential financial knowledge from the Canadian banking system to saving and investing. The centre also features a dedicated ‘Fraud and Security’ category, where newcomers can learn how to proactively protect themselves from scams and secure their hard-earned assets.
In addition, they can also visit the TD Fraud Protection webpage for more information on fraud or to report suspicious activities.
While awareness is essential, technology can also play a key role in protecting accounts. TD offers several tools designed to help clients monitor activity and respond quickly if something appears unusual.
- TD Fraud Alerts notify customers if suspicious activity is detected on their account, helping them respond quickly and verify transactions.
- TD MySpend App provides real time notifications that allow clients to track spending and view transactions as they occur.
- The Two-Step Verification adds another layer of security when logging into online banking.
Building a Culture of Awareness
Fraud Prevention Month serves as a reminder that financial security is a shared responsibility. Conversations within families, communities and workplaces help ensure that more people understand the risks and know how to respond.
As Harpreet emphasized, open discussion is one of the most effective ways to prevent scams.
“The more we share information and experiences, the better we are prepared to protect ourselves and our communities.”
Awareness, after all, remains one of the most powerful protections.
For newcomers looking to learn more, TD’s New to Canada Learning Centre offers educational resources designed to help newcomers better understand the Canadian financial system and protect themselves from scams. Click HERE for additional guidance and practical tips from TD on recognizing and preventing financial fraud.
Harpreet Johal, Branch Manager at TD
