Mass Marketing Fraud and You
If you are one of the thousands of people who receive e-mails that claim you have won money or have someone claiming to pay you for your help to transfer money you need to read this. Every year, these mass marketing scams are costing Canadians more than $10 billion and this number has been growing steadily since 2007.
Many of the offers that come streaming through your e-mail box will appear very legitimate, which is the key to getting unsuspecting people to open them. They are sophisticated schemes that offer things such as lotteries where they require money upfront in order to complete the transaction to send you the winnings. There are also many fake bank schemes asking for your personal information to update their system or other money schemes that single out people with bad credit then attempt to offer them loans (that never arrive) for an up-front fee.
There are also schemes that offer prizes from contests, but to claim any such prize, you must call a special 1-900 number, which ends up costing the consumer much more than the value of their winnings. There is also the Nigerian millionaire who needs your help getting money out of the African nation and offers a huge payment in lieu of your help.
The more recent of bad Canadian schemes is discounted auto insurance being offered in Ontario. People are sent fake insurance slips and convinced they are insured when actually, they are not. The RCMP says that most fraud in Canada is not reported. In 2009 alone, The Canada Anti-Fraud Centre received more than 25,000 consumer complaints about these schemes. That averages more than 430 calls a day, but that is anticipated to be a mere fraction of the real number as the RCMP believe between one and fiver per cent of Canadian victims actually come forward. The reason, they believe, is because fraud victims do not want to admit they’ve been had. The stereotype that fraud victims are stupid prevents many from reporting but it’s important to note that fraud victims include experienced business people, doctors, police officers and lawyers. It includes anyone and everyone.
Canada is officially a member of the International Mass-marketing Fraud Working Group that involves police agencies from the U.K., the Netherlands, Nigeria, Australia and the United States. Since 2008, the Canadian Anti-Fraud Centre has discovered and shut down more than 45,000 scammer e-mail accounts along with over 10,000 phone numbers. It has also been responsible for working with credit card companies in closing 150 merchant accounts that were posing threats to consumers by scammers.
These organized crimes are operating from one country but stealing from people all over the world. This has made it incredibly difficult to prosecute any of the scammers so the best that can be done now is to break the link between the scammers and their victims. A good rule-of-thumb to go by is to use common sense. If you have not entered a contest or a lottery or have shared with email address with someone you know, any outside contact is probably a scam.
Filed Under In the News, UncategorizedWise Uses for Credit
Credit cards, lines of credit, buying over time, and other delay-pay mechanisms are earning a pretty bad rep these days. But credit, by itself, isn’t a bad idea at all. Credit is what allows most of us to buy our homes, our cars, take better vacations, and purchase other big-ticket items we’d rather not do without until we have enough cash in the bank to pay for them. And most of us are okay with paying a bit more for our purchases in order to have the convenience of owning them when we need them.
Building good credit and a strong credit history can reduce other costs. When your credit score is high, you can use it to bargain for better mortgage rates with your lending institution. And that alone can save you many thousands of dollars. You can do the same thing with your credit card lender. If you have great credit, call them up and ask for a lower rate-if they won’t give it to you, there are plenty of other credit vendors who will.
Good credit can also allow you to take advantage of long term no-interest loans that allow you to purchase appliances and other large household items without paying a cent-sometimes for up to 18 months. Good credit can get you 0% interest over 5 years on a car loan-a huge savings. So a good credit reputation can give you lots of leverage when it comes to making costly purchases, and potentially save you a fortune on home or car mortgages or big appliance buys.
So if you’re good at using credit to your advantage, you can save all kinds of money by being able to take advantage of sales, long term no-interest offers and leveraging your good credit for lower interest rates.
The trouble with credit starts when it is used as a permanent income-extender for daily living, like buying groceries or paying the utility bills, and forgetting about ever paying off the balance. That’s when you can bet your credit use is out of control. A quick control check can reveal your own dependency. Leave your credit cards-and all other plastic-at home for 24 hours. Can you do it? If you discover that you’re reaching for plastic several times a day, chances are you’ve developed a bit of a credit card habit.
Break the habit by learning to leave the cards at home. It can be tough at first-addictions are hard to set aside. Start slowly, and, as they say-one day at a time. But, as they also say-just do it. Gradually, you’ll become accustomed to not carrying money or cards with you-and you’ll learn to live within your real means, without debt.
Filed Under Managing Debt, The Credit Card Trap, being frugalPopular Low-Stress Careers
If you’re in the market for a new career and are seeking something less stressful that still allows you to comfortably make ends meet, there are options. Many jobs offer low stress days with reasonable pay.
One of the most in-demand careers at the moment are Computer Software Engineers. These tech-savvy folks enjoy a relatively low-pressure career while earning a decent salary. Their focus is designing and testing different software programs; anything from operating systems and business applications to computer games…and many do it all from home. Depending on variables, of course, a computer software engineer can expect an annual income of $54,000 to $130,000.
According to the Bureau of Labour Statistics, Civil Engineers are also in high demand. It’s expected that the demand for their expertise will increase by about 24% over the next ten years, making it an above-average occupation. Although they design and build the nation’s infrastructure, they generally do so within teams. As well, they have a few years to design and complete their projects before construction even begins, which alleviates a lot of personal pressure. They also earn a comfortable $50,000 to $115,000 a year.
If you’re looking for something a little more hands-on, perhaps you should be considering physical therapy. Physical Therapists are well respected in the medical field, have flexible hours and are usually self-employed. It’s expected they will be in higher demand over the next few years as the Baby Boomers hit their golden years and encounter physical challenges. With an annual earning of $50,00 to $105,000, you can see there is rarely a dry spell in this field.
Technical writers are also a high-tech, new age group that are in constant demand. These individuals are paid an easy $47,000 to $98,000 a year to write about newly released gadgets, programs and toys. As companies release technical products, technical writers are required to review and transform the language into a simple consumer language. They may face tight deadlines, but technical writers usually enjoy flexible days and a quiet work environment with a 20-second commute to their computer. This is another job that sees most people working from home.
If something even more relaxed, and possibly even part-time is what you seek, how about a massage therapist? These are generally extremely low-pressure jobs that ensure self-employment and even working part-time. Due to many factors in this field, an annual salary can be whatever you like. On average, a massage therapist will charge around $30 an hour. If you chose to take on many clients, you could easily earn $45,000 or more a year.
Filed Under UncategorizedB.P.s First of Many Bills due July 1
British Petroleum has been given until July 1 to pay the recent $69 million bill, the first of many expected to be handed over to them for the massive oil spill that has to date, leaked approximately 50 million gallons of oil into the Gulf of Mexico. This bill is strictly for the initial costs incurred by the government for their response to the spill.
In a recent interview, Obama told CNN’s Larry King, “I am furious at this entire situation because this is an example where somebody didn’t think through the consequences of their actions. This is imperiling an entire way of life and an entire region for potentially years.”
New permits for oil and gas drilling in the Gulf of Mexico have been stopped by the Minerals Management Service. Michael J. Saucier, regional supervisor of field operations for the MMS Gulf of Mexico region, sent an e-mail stating that “until further notice” there will not be any new drilling allowed in the Gulf of Mexico regardless if it is deep or shallow water.
This statement stirred some controversy, as it was a complete contradiction to an earlier statement released by Kendra Barkoff, a spokeswoman for the Interior Secretary, Ken Salazar who said, “There is no moratorium on shallow water drilling. Shallow-water drilling may continue as long as oil and gas operations satisfy the environmental and safety requirements and have exploration plans that meet those requirements.”
The Mineral Management Service released their e-mail a day after granting approval for a drilling permit to Bandon Oil and Gas. They applied for the right to drill 115 feet below the surface, 50 miles off the coast of Louisiana. Several environmental groups accused the administration of misleading the public by granting drilling rights in water up to 500 feet, while still maintaining a freeze on any deepwater drilling.
Acting director of the Minerals Management Service, Bob Abbey, says that all operators will be required to submit additional risk and safety information before drilling considerations will be accepted. These rules are even being implemented on already existing plans that have been approved. It is hoped that this new information will tighten the safety standards and lessen the risk of environmental catastrophes in drilling plans.
On the flipside, a group of local lawmakers expressed concern that any drilling bans could have a massive negative impact on the state’s economy, which is already struggling with business closures and job losses that have been directly related to the oil spill.
Filed Under In the NewsWays to Save on Groceries
If we only didn’t have to eat at all, we could put a big chunk of change in the bank, and save ourselves a lot of time, too. But until we can get by without food at all, we can sure cut back on our expenses with a few money saving tips and a bit of frugal spending.
First, what’s in your fridge already? Knowing what’s there can help you save money by not buying duplicates and building meals around what you’ve already got at home. It’s often the strangest things in the cupboard that don’t get eaten-so go online and google pears-in-light-syrup and almonds and see what dinner items you might come up with. Then buy the complimentary ingredients and poof!-stewed pears in white wine. Serve it with sautéed asparagus with toasted almonds and a bit of tenderloin. Yum.
Put a price cap on your groceries. Don’t allow yourself to spend whatever you want. Determine a reasonable amount for your groceries-some estimates suggest about $40 per week per person. That will vary depending on where you live, of course, but it’s a good starting point. If you limit the money you spend, and track your spending as you shop, you can make cheaper choices so you don’t exceed what you allocate.
Price shop. Local corner stores compete with the big boys with at least one item that’s cheaper every week. Go in and get it-bananas at five cents a pound? You bet. Just don’t get sucked into buying anything else there-hit the big superstores where the cheapest prices and best selections can generally be found.
Look for no-name brands, and look down. It’s a war for aisle space in the supermarkets, and the losers get stuck on the lower shelves. That’s a win for you, of course, because now you know where to look for the cheapest prices and best bargains. So keep your eyes on your toes, and your nose to the floor.
Eat before you hit the supermarket. This might be a golden rule of food shopping. Never go to the grocery store hungry. Not only will you eat your way through the store, you’re much more likely to veer off your shopping list, overbuy on everything, and splurge on items your starving tummy is crying out for. So be sure to eat your Wheaties before you shop.
Use a shopping list. This will not only save you money at the store, but it will also save you money because you’ll know what you’re eating every day of the week. This helps avoid last minute impulse buys and pre-made dinners like pizza on your way home after work. It may even help your waistline because fast foods or instant foods are almost always higher calories than what you prepare from scratch at home.
Leave the kids at home. Taking kids to a shopping mart is the quintessential recipe for disaster-and overspending. And supermarkets know it. Every isle is filled with teaser items that just scream for little hands to reach out and touch, play, or eat, especially at the checkout counter. Leave the kids at home.
Only a few changes to your grocery-buying habits can result in huge savings at the supermarket that can add more mileage to your budget.
Filed Under Saving, being frugalMore Money In, Less Money Out
When it comes to saving money, there is more to consider than merely what we are able to put away each month. We also need to consider other factors such as late fees and user fees. Impulse buying and becoming too risky can also damage your savings. Here are a few details to consider that may help put a few extra dollars in your account.
One of the largest non-essential expenses we pay for each and every month is the convenience of having a bank account and using ATM machines. It is imperative to know what interest rate you are charged on your line of credit or how much your bank charges you each month to use your interact card. These fees can vary greatly from a few dollars a month to a few hundred dollars a month. If you do not know what you’re being charged to use these services, it’s important that you find out. Keep this convenient, but non-essential fee as low as possible each month.
We’ve all been warned about the dangers of impulse buying. If something is on sale, it is much easier to rationalize the purchase, which often means we’re buying items we just don’t need. If you find yourself considering an item only because it’s on sale, walk away and sleep on it. Most stores will hold an item without a payment for 24-hours. Either way, reconsider the purchase.
Another non-essential fee many people pay each month is interest on overdue bills. Are you someone who procrastinates because they just don’t get around to paying bills on time? Perhaps a $100 hit in credit card late fees will be an incentive to start making the payments on time. If you procrastinate and pay late each month, you can easily be wasting a few hundred dollars each and every month on late interest payments. Not only do credit card companies charge a substantial late fee, so do many other services such as cable or satellite companies, water and utilities, not to mention additional annual fees like property taxes and personal income tax. These late fees can easily cost you thousands of dollars a year.
If you are paying your bills on time and are saving money for your retirement, it is wise to diversify your savings in the way of an investment portfolio. Placing all your money in a safe investment or a low-yield investment may not bring you the return you hope for. It could be a wise idea to consider getting some professional advice when it comes to investments. Professional financial advice can offer great suggestions as to where to invest your money, as well as help avoid potential costly mistakes. Also investing in a good accountant can help you take advantage of the many tax breaks that you will be entitled to. Professional financial advice as well as tax planning can also help keep a substantial amount of money in your account.
Filed Under Saving, being frugalOnline Hackers and Your Bank Account
You may want to keep this in mind the next time you access your online account. Despite the bank’s best efforts to keep customers protected, hacker attacks remain a serious threat, costing Americans millions of dollars each year. Last year, the Internet Crime Complaint Centre reported the country lost approximately $559 million to internet thieves for the duration of 2009. That is more than twice the amount for losses in 2008, where the same centre recorded losses of $268 million from the internet.
Sean Sullivan from an internet security firm, F-Secure, says, “Last year there were more online bank robberies than there were actual on-site bank robberies. Banks have become very proactive in protecting accounts from hackers, but it’s still quite a large problem. We see all types of new attempts every day.”
According to F-Secure, the biggest threats to consumers who bank online are what are known as banking Trojans. These codes are specifically aimed at banking fraud. They are invisible and can hack through your computer, stealing data such as passwords. Some of the more advanced Trojans have the capability of producing fraudulent transfers to drain your account while you’re logged in to your account.
Business accounts have become the more desirable target as opposed to personal accounts as hackers would much rather break into an account with six-figures instead of a personal account with only a few hundred or a few thousand dollars in it. Unfortunately, business accounts are the most vulnerable and least protected.
So, how can we tell if our bank is safe for online banking? Well, the more passwords and questions requested in order to log in, the safer the website. Banks that ask for only a username and password are not as secure as they should be. Many banks now require a site key name and even use personalized symbols that appears during the login process. You should also be prompted to answer a security question as well prior to gaining access to the account.
If you have been the victim of online banking theft, it is imperative you know your rights. If the bank can show any sort of breach was caused on your part, they are not liable for your loss. For customers who have a business account or line of credit, extra caution is recommended because the bank will most likely not be obligated to cover your loss. With proper caution and strong passwords, online banking remains safe for many of us. Using encrypted sites and staying away from public connections while banking are additional ways to keep yourself protected.
Filed Under In the NewsThe Cheapest Canadian Cities for Real Estate
If you’re in the market for a home, this may be of interest to you. Canada’s housing market had managed to maintain its strength right across the country during the economic turmoil of this past year. Although our southern neighbours have suffered a housing crisis, and even though many analysts say a housing bubble is around the corner for Canadians, bidding wars on high cost homes have continued in major cities like Vancouver and Toronto.
There are many great deals to be found from one end of the country to the other. A comparison of average home prices and the median of household incomes has produced a list of where your dollars are best spent if you’re in the market for a home. First up on the list, New Brunswick. Higher than average incomes combined with low housing prices have made this province number one for the best place to look. St. John, Moncton and Fredericton have some great options to offer in the way of home buying. The average cost of a home in St. John and Fredericton comes in at around $169,000. According to the Canadian Real Estate Association, the average provincial cost is around $155,000.
Another great place to look for a home is Nova Scotia and Cape Breton. Sydney, the largest city on Cape Breton island, offers some of the least expensive housing prices in the entire country. An average home here costs a mere $98,338. This could prove to be a great deal for those seeking an Oceanside cottage.
Gatineau, Quebec offers beautiful homes for around $100,000 below Ottawa’s prices. This suburban area offers a small-town feel, as it’s located on the edge of the Ottawa River. It’s close proximity to the city makes commuting easy, which is very attractive to potential buyers. However, if you’re seeking a more isolated and small town feel to your next home, Charlottetown, PEI may be an option. Boasting $188,000 for an average home and a quaint population of just 32,000, Charlottetown has much to offer in the way of wildlife, golf courses and sandy beaches. It just may be a great option for a summer vacation home.
Heading into the prairies, Regina, Saskatchewan is a healthy economic city with booming natural gas and oil industries. Showing off its many vibrant recreations spaces and green parks, a home can be had here for about $250,826. Of course, there are many things to consider when purchasing a home but if you’re in the market, taking a look at some of these options may be a good idea.
Filed Under Mortgages and ForeclosuresGetting Tough on Debt
Are you feeling like your debts are overwhelming you, and you don’t even know where to begin to address the problem? Don’t leave debt stress to torture you for even one more day. The problem is not going away, and it will only become worse the longer it’s ignored. So set about dealing with debt issues right now.
Start by making a list of all your debts. You need to know where you really stand. You need to know exactly how much you owe, and who you owe it to. Don’t hide anything, and don’t pretend you don’t owe something. Once it’s all out in front of you, it may feel a bit like taking a rock out of your shoe. A lot of the stress of debt comes from denying it exists-and you’ve just stared your debt right in the face.
Now prioritize your debts. You likely really want to pay your best friend back, and owing a friend may strain relationships, but it isn’t likely going to wreck your credit. So list all your debts in order of the most important ones first. That might include your mortgage and secured loans. That’s because you don’t want to lose your home, or whatever you’ve purchased-often it’s a car-using the purchase as security against the loan. Then list other debts like credit cards, lines of credit, utilities, taxes and other fines. Things like your electric bill or overdue taxes can often be sorted out more easily than mortgages, so they should be considered low priority.
Now work out exactly how much money you make every month. Set up a budget that includes your debts and also your living costs like groceries. Be careful about what you believe is a necessary cost, and what is not. Life does exist without television, and if you’re in a money jam, it’s these kinds of costs that will have to go. Eliminating television also impacts other costs. You can sell the television and, if you’re using the typical 42-inch big screen most people own these days, you’ll save on your electric bill as well. You may also have to make hard choices about pets, second vehicles, mobile phones, and other items your budget cannot afford right now.
Once you’ve figured out all your costs, and hopefully have found a way to begin to pay back your debts, contact your creditors, one at a time. Explain your situation, and tell them what you think you can manage each month. Contacting your creditors before they contact you can save your credit score. Sometimes, if you make a deal, they won’t report your credit, or at least won’t downgrade as much. Either way, you’ll feel much more in control if you call them and strike a deal than if you’re tracked down by a collections agency.
Filed Under Debt consolidationCanada’s Navy Suffers Financial Cutbacks
A recent cutback has seen Canada’s Navy make a tough choice to leave several of its vessels at the Halifax and Esquimalt docks. It has been decided that three ships will remain on each coast with the remaining six of the 55-foot vessels being sent to long-term storage.
Built in the mid-1990s, the Kingston-class ships were designed to detect mines that could block or interfere with Canadian ports. They are only lightly armed but can be converted to carry a platoon of soldiers or a small underwater robot.
A shortage of both sailors and money is forcing Canada’s navy to cut half of its fleet of 12 vessels used to patrol the Arctic, Atlantic and Pacific coasts. The navy says the move is necessary to continue the primary mission of defending Canada. The move was made as the navy admits it does not have enough resources to operate them all.
Denise LaViolette, a spokeswoman for the navy wrote “Upon close examination of resources and priorities, this was deemed necessary to safeguard and optimize our operational capability, both now and in the future.”
Although the navy has not disclosed the amount of money it would need to keep the whole fleet active or how much it will save by reducing the fleet by six of its current twelve vessels, it has been noted by navy officials that the Canadian government is providing “stable and predictable” funding as the navy continues to refit its submarines and modernize its frigates. However, Nova Scotia’s Premier, Darrell Dexter, says that although he is briefed regularly by DND officials, he was not given any warning about the cuts from Ottawa, even though he is the minister responsible for Canada’s military relations but would have been pleased to have assisted Canada’s National Defence Minister, Peter MacKay, in making a case to keep the fleet intact.
Nova Scotia’s Premier was noted as saying “Minister MacKay would have my full support in making the case to the cabinet and the prime minister on the importance of naval operations not just to this province, but to this country and that anything that would lead to the paring down of operations would be of concern to us.”
This decision will have a large impact on the economics of both Victoria and Halifax ports as well as the ability to patrol Canada’s coasts. Government cutbacks have affected many of the country’s staples, including worker’s benefits and insurance plans.