The Better Business Bureau says Canadians fell for home improvement scams the most in 2022, in a report highlighting the riskiest scams and how much money they cost Canadians.
says the riskiest frauds in Canada are home improvement scams and cryptocurrency scams, followed by advance fee loan scams.
BBB assigns a risk index score to scams based on the exposure , the susceptibility and the monetary loss. The higher the overall risk score the more riskier the scam is for the public. Advance fee loan scams had a susceptibility score of 59.1 per cent and a risk score of 185.6, according to the BBB tracker. The median loss for the scam was $1,388.Different scams are targeted at certain demographics, the report explains.
The report says that, overall, cryptocurrency scams dropped in 2022 from the second spot to third, due to a decrease in people reporting the scam type. One reason for the drop is that fewer people fell for cryptocurrency scams resulting in less median dollars lost overall.For home improvement scams, BBB recommends saying no to cash-only deals and anyone with"pressure sales tactics.
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