This week we’re thinking of everyone affected by the wildfires burning across Canada. We’ll share some ways to be proactive when extreme weather looms.

We ask the Nerds what the heck “shrinkflation” is (and give you two quick ways to protect against it).

And we look at the latest financial scams that are giving Canadians the creeps (and one simple way to avoid becoming the next victim).

Let’s dive in.

Extreme wildfire seasons are becoming harder to dismiss as rare events.

Canada’s record-breaking 2023 season burned more than 16 million hectares and forced over 230,000 people to evacuate.

This year, nearly 3 million hectares have already burned, with some saying it’s Ontario’s worst wildfire season on record.

Preparing for every possible scenario is overwhelming. Instead, focus first on the actions that protect people, indoor air and your finances.

More Nerdy guidance: How to protect your home and health when air quality is bad

Thinking longer term? Learn how to factor climate risk into your home search.

We ask our Nerds to explain a trending financial term (Googling forbidden, humor encouraged) and then pit their answers against the technical definition. How’d they do?

This week’s word: “Shrinkflation”

“Shrinkflation is when a product is sold in a smaller quantity than before, but for the same price,” according to Statistics Canada.

Why does this happen? To pass the costs of inflation on to consumers.

“Instead of raising the sticker price — which consumers notice immediately — manufacturers subtly decrease the amount of product in the package to offset rising production costs,” Jeff Doucette wrote for Field Agent Canada.

Shrinkflation doesn’t only happen at the grocery store, but it’s where this practice is most common.

These food products are most likely to experience shrinkflation:

Two quick ways to protect yourself against shrinkflation:

🗣 Is shrinkflation happening in your life? Tell us about it by replying to this email or writing us at [email protected]

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Other accounts make you jump through hoops to avoid fees, but this one is transparent from the get-go: No monthly fee, no minimum balance, and unlimited debit purchases, bill payments and withdrawals.

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Emboldened by the quick spread of AI tools, Canadian scammers are having themselves quite the summer. Emails, texts, social media DMs, calls — everything is a chance for them to steal your info and your money.

🕵 How it works: Scammers impersonate official organizations like Service Canada, the CRA, or major banks to trick individuals into revealing personal information or sending money.

A scammer “called my Dad repeatedly saying they were from RCMP Cyber crime and people from the bank were stealing his money,” one person on Reddit shared. They “convinced my Dad to go to Sephora and get $1,000 in gift cards and send them the codes.”

🕵 How it works: Scammers pretend to be from telecommunication companies, offering discounts to gain access to account details or port phone numbers.

“I received a call from someone claiming to be a Fido/Rogers employee offering 20% off my internet and phone bill for 2 years,” shared another Reddit user. The caller asked for a zip code, then transferred the call to a “manager” who asked for confirmation of the balance and last 4 digits of the account number. After getting suspicious the Reddit user hung up, but then immediately received a text from Rogers saying his account had been accessed.

🕵 How it works: Fake goods are advertised for sale on platforms like Facebook and then the seller requests an e-transfer in advance.

“I found someone on Facebook selling World Cup tickets and looking back at it the price was indeed too good to be true,” posted another sorrowful Reddit user. “I payed him through Wise and had $1,500 authorized out of my account.” No tickets ever materialized.

The people who fell victim to these scams aren’t dumb. They know how to use technology. They can feel when something isn’t quite right.

But they got taken anyway. Why?

Because they forgot the one easy way to stay safe: do nothing, for at least five minutes.

Don’t click the link. Don’t answer the call. Don’t hit reply to the email.

Avoid the impulse to react. Take a deep breath. And then:

Verify the message and sender independently. Contact the entity (bank, credit card company, telecomm, doctor, government agency, etc) directly, through verified channels.

Ask: “I was contacted by someone claiming to be you — was it legitimate?”

If there’s something to discuss, they’ll let you know. If not, they’ll appreciate the head’s up and help you secure your account.

🛑 Learn the warning signs of a scam

🛟 Help! I think I’ve already been scammed

Here’s what NerdWallet Canada readers have been clicking on this week: