Learn more about what the ASC is doing to support market participants and investors.
May 31, 2021
Toronto– The Canadian Securities Administrators (CSA) is warning the public about scammers claiming to represent large, well-known financial companies. Recently, the CSA has noted an increase in the number of scams involving the use of professional looking electronic brochures and other marketing material, designed to deceive Canadian investors into visiting “spoofed” websites.
How the scam works – giving victims a false sense of security
The scam provides investors with high quality brochures and other investment documents that appear to have been produced by easily recognizable banks, insurance companies, mutual fund companies, etc. These documents aim to direct investors to “spoofed”” websites and phone numbers set up by the scammers. The fake websites look nearly identical to the real company’s site. Calls to the phone numbers provided typically reach a scammer who pretends to be an employee of the real company. Investors are then usually instructed to send funds via wire transfer.
Canadians who believe they have been approached by or are a victim of this type of scam should contact their local securities regulator.
The CSA encourages investors to:
Investors are also encouraged to check the CSA’s Investor Alerts page for a list of firms to avoid.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
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For Investor inquiries, please refer to your respective securities regulator. You can contact them here.
For Media Inquiries:
Ilana Kelemen Canadian Securities Administrators firstname.lastname@example.org
Kate Ballotta Ontario Securities Commission email@example.com