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Research key to preventing fraud

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If it seems too good to be true it probably is. That’s advice from Rubbix Risk and Wealth Management Vice President Mitch Vandemark. During Fraud Prevention Month, Vandemark wants to remind people that if they are looking to invest, its best to ask questions first.

“If you think it’s a fraud or if you’re unsure if it’s a fraud or a scam or there’s some trickery happening, go and talk to somebody… Go and talk to a lawyer, go and talk to an accountant, go and talk to a financial planner just to get a second opinion. One of my clients was looking at buying a stock company that she got an email from. We put her in touch with the right people and it turned out yes it was a scam.”

There are many different types of scams including telemarketing scams, identity theft and business scams. In Alberta alone, there were 95 reported romance scams last year totalling $1,723,473.10.

Recently, an Edmonton man lost $143,000 to one of those scams. Vandemark says its best to always do your research and always tell other people what you’re doing before handing over money.

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“We have friends and families that seriously care about who we are and what we do with our financial future. If we can rely on those people to help us make a properly educated decision then at least there are more eyes and there are more opinions on that one process not just your own.”

Other tips Vandemark has for avoiding fraud are keeping identification like a health card and social insurance card in separate places.

He also wants to remind people that if they move its important to change the mailing address with everyone so that your mail doesn’t fall into the wrong hands. Fraud Prevention Month runs until March 31st.

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