He Better Business Office is issuing a new warning about the latest tricks scammers are using to take advantage of people, with home repair and cryptocurrency topping the list.
According to the most recent Canadian risk report from BBB Scamtracker, home improvement scams it became the riskiest type of scam reported by Canadians in 2022, up from fourth in 2021.
In identifying risk factors, the office takes a combination of exposure, susceptibility, and total loss of money.
6.2 percent of all scams reported to the bureau in 2022 were home improvement related, with an average of $1,900 lost.
โReports of home improvement scams are up in 2022; the reported median dollar loss from this type of scam increased 187.4%, from $661 CAD in 2021 to $1,900 CAD,โ the report reads.
However, the most expensive overall were investment scams, with a reported median dollar loss of approximately $5,500.
The second riskiest scam for 2022 is cryptocurrency, when investors are tricked into paying money or trading digital assets, followed by borrowing with up-front fees.
Nearly a third of all Canadian scam reports were online shopping scams, with approximately 77 percent of people reporting losing money when attacked.
On average, Canadians who fell victim to scams lost about $300 each, an increase of about $50 since 2021.
Men also reported a significantly higher monetary loss in 2022, at $453, than women, who lost an average of $249.
To protect yourself, the office urges you to be skeptical and ask questions before agreeing to anything.
It also advises saying no to cash deals and working with companies that have the proper licenses and insurance.
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