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CAFC warns of scammers targeting Canadians selling timeshares

The  Canadian Anti-Fraud Centre is warning local residents of a timeshare scam making the rounds.

According to a letter from the agency, in light of the pandemic, some Canadians are not comfortable with traveling causing some timeshare owners to consider selling their timeshares. 

Officials warn that some consumers are solicited by telephone or email and are presented with an offer to sell their timeshare, promising a quick sale with a high-profit margin. 

The agency says various fees are then requested upfront prior to the final sale, which includes maintenance fees, escrow fees, and taxes.

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Officials say suspects provide victims with documents that appear to be legitimate, very detailed, and may require a signature or witness to provide a false sense of authenticity and credibility. 

According to the agency’s letter, victims are often solicited by companies in Mexico or the United States and are required to wire funds to a bank account in Mexico or another country.

The agency warns consumers to be wary of unsolicited offers to sell your timeshare, not agree to anything over the phone or online until you thoroughly research the buyer, and only use an accredited agency.

Anyone who suspects they have been the victim of cybercrime or fraud should report it to their local police and to the Canadian Anti-Fraud Centre’s online reporting system or by phone at 1-888-495-8501. If not a victim, report it to the Canadian Anti-Fraud Centre anyways.

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