Canadian Advance Fee Fraud

Advance Fee Fraud

Advance Fee Fraud is defined as anything where you send money (Fee) up front and don't get what you're paid for.. This is not the case all the time as some companies legitimately make errors and will correct them right away.

Some of the scams that we're seeing on this site are where the companies never plan to do what they've promised.. IE.. you send them money, and they don't give it back.. They take your money and spend it.

I'm surprised that this is a multimillion dollar problem in Canada.. Obviously the RCMP website is going to know the scope of the problem better than anyone else..

The best thing to do is to report the scam to as many places as possible including the RCMP, phonebusters.ca etc..

The other most important thing to do is to get educated about the problem.. People are desparately looking for money and will jump through hoops to get it.. When they deal with a advance fee loan scam company they're going to lose their money making their financial situation even worse.

This next paragraph is from the RCMP's website http://www.rcmp-grc.gc.ca/scams/advance_fee_e.htm

Classified advertisements for loan opportunities do not guarantee the legitimacy of a company. Some companies claim they can guarantee you a loan even if you have a bad credit history or no credit-rating at all. They usually request an up-front fee of several hundred dollars. If you send your money to these companies, it is unlikely you will get your promised loan and your advance payment will be at risk.

Advance fee loans operating for a criminal purpose generate millions of dollars annually in Canada. Persons with poor credit ratings are usually the key targets and once the 'loan processors' receive your money, they usually disappear.

Other Advance Fee Fraud

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2 Comments
On Sep 24, 2007, Gerry MacKinnon Said:
Identity Theft is more than just credit and scams to get money from you. There are four other types of Identity Theft (IDT) These include your drivers lic, Social, Medical and Character. The last being the most difficult to tackle. Stats indicate (CBC poll) that 1 in 6 will be hit this year. Your costs to repair and wonder is over $1,500.00 not including lawyers fees, over 600 hours of time and many more years of waiting to get hit again. Hit once and your tem times more likely to be hit again. Gerry MacKinnon Nelson BC Community Website Identity Theft specialist 28 year member of the RCMP (retired) Lecturer and free lance writer
On Sep 15, 2007, Offshore Scammed Said:
I was caught with one of these scams but it was a little different.. I was asked to help out with letters of credit for offshore companies.. the return was supposed to be pretty good... The people that I talked to were very professional sounding, and they knew their way around letters of credits, corporations etc. I gave them about $10,000 and was hoping for a good return. I some returns, but then never heard back from them. I didn't really need the money.. It was from my speculative fund, however, nobody likes to get duped. If you get approached by one of these offshore scams in Canada, make sure you do a few months worth of due diligence before you jump in. Offshore scams are obviously hard to trace and sue for.