Crypto Quiz

Are you considering investing in crypto assets, but aren’t sure whether it’s right for you, legal or just a scam? Test your crypto knowledge and learn how to spot the warning signs of fraud using OSC's quiz. 



Fraud alert videos

Learn more about fraud in this latest set of videos by the Ontario Securities Commission. 

  • Investment fraud
  • Pump and dump scams
  • Fake government messages
  • Warnings about your finances
  • Work from home scams
  • Quick high-return schemes

 



Cyber security awareness

The Canadian Bankers Association has created a new Cyber Security Awareness Quiz site to test your knowledge and ability to spot a “phishy” email, message or text.



Cyber security & fraud prevention learning guide

Banks take fraud very seriously and have highly sophisticated security systems and teams of experts to protect you from financial fraud. As a banking customer, there are also simple steps you can take to recognize cyber crime and protect your personal information and your money. Educating yourself, your family and your employees about cyber safety can seem overwhelming, but it doesn’t have to be that complicated and the CBA has developed a learning path to help.



Beware: Crypto scams on the rise

Fraudsters often use emotions to lure people in, making a person feel afraid of missing out on an opportunity that others are profiting from.  With all the cryptocurrency hype in the media and online, it’s no surprise that scammers are taking note and trying to cash in on investors’ interest in digital currencies. Read this article for more information on the top crypto-related scams you should know.



Beware of One Time Passcode scams with these tips

While cyber criminals are always looking for ways to trick you into revealing information they can use to access your accounts, we have a few simple tips to avoid getting tricked by “one time passcode” scams that you may encounter while attempting to access your accounts securely.



Cyber security toolkit

There are also simple steps you can take to recognize cyber threats and protect yourself. With a cyber hygiene checklist and tips on how to spot common scams, the CBA’s Cyber Security Toolkit can help you protect against online financial fraud.



Cyber security checklist

Getting cyber safe doesn't have to be complicated. With the right resources and tools, you can stay safe and secure online. Here's a handy checklist for protecting your data online.



Reporting fraud

A comprehensive set of articles are available on the Ontario Securities Commission website on how to identify and report fraud as well as what to do if you have been defrauded.  



What to do if you are defrauded

Financial fraud can be stressful and time-consuming experience. It can affect you both financially and emotionally.

If you are defrauded, or suspect that you may have been defrauded, follow the steps outlined in this article. 



Types of fraud

Fraud comes in many forms. Learn about the different types of fraud and ways to protect yourself using the links below. 

8 common investment scams

Boiler room scams

Pump and dump scams

Recovery room scams

Affinity fraud

Identity theft

Romance scams

Fraudster trick (email spam attack)

Crypto fraud

 

 



Checking registration

Checking registration helps protect you from unqualified or fraudulent individuals. Always check the registration of any person or business trying to sell you an investment or give you investment advice by using the Canadian Securities Administrators’ National Registration Search.

Titles like financial advisor, financial plannerinvestment consultant, and investment specialist aren’t legally defined terms or official registration categories. Some advisers or dealers may have designations that allow them to use specific titles, such as Certified Financial Planner (CFP), Chartered Professional Accountant (CPA) or Chartered Financial Analyst (CFA). Checking registration tells you what specific products and services they are (and aren’t) qualified to offer you, regardless of title.



Grandparent scams and how to avoid them

Imagine a loved one is in trouble or hurt. You get a call asking for urgent help. You’d likely want to act right away because you care about them. Exploiting family ties is the driving force behind grandparent scams — or emergency scams.

This article from the OSC can help you to protect yourself from becoming a victim of an emergency scam.



Investing basics

Whether you’re a first-time investor, thinking of saving for your education, or planning for your retirement, FAIR Canada's investing basics may help you on your investing journey. 



A guide to protect yourself against investment fraud

Today’s investment landscape offers such a range of products, investing tools, and information that the average investor may feel overwhelmed. As advancements in technology continue to accelerate, new online investing platforms and opportunities are showing no signs of slowing down any time soon.


And as the world of investing continues to innovate, so do the tactics of fraudsters when designing and carrying out scams against unsuspecting victims.


In this guide, we discuss investment fraud and some key things you should know before investing, including helpful tips to protect yourself from investment scams.

 



Scam spotter tool

Are you considering a new investment?
Use this tool to learn how to spot the warning signs of fraud, and to learn how to protect yourself from suspected scams.



FCAC new consumer information – electronic alerts

Le français suit l’anglais.

As of June 30, 2022, banks will be required to send electronic alerts to their customers to help them manage their finances and avoid unnecessary fees.  Some banks have already started sending these alerts to their customers.  The electronic alerts are part of the new and enhanced protections in Canada’s Financial Consumer Protection Framework (the Framework) that comes into effect on June 30, 2022.

To inform Canadians about electronic alerts and their benefits, the Financial Consumer Agency of Canada (FCAC) published new consumer information on electronic alerts, developed an infographic, and prepared social media content that you can use on your own social media channels.

Under the Framework, banks will be required to:

  • disclose key information to help their customers make timely and informed decisions
  • provide customers with more timely complaint-handling services
  • offer and sell products or services to customers that are appropriate for their circumstances
  • respect new rules to avoid misleading customers or applying undue pressure on customers when selling them products and service

À compter du 30 juin 2022, les banques seront tenues d’envoyer des alertes électroniques à leurs clients afin de les aider à gérer leurs finances et à éviter de payer inutilement des frais, ce que certaines ont déjà commencé à faire. Ces alertes font partie des mesures de protection nouvelles ou améliorées prévues dans le Cadre de protection des consommateurs de produits et services financiers du Canada (le Cadre) qui entre en vigueur le 30 juin 2022. 

Pour informer les Canadiens et les Canadiennes à propos des alertes électroniques et de leurs avantages, l’Agence de la consommation en matière financière du Canada (ACFC) a publié de nouveaux renseignements à ce sujet pour les consommateurs. Elle a également créé une infographie et préparé du contenu pour les réseaux sociaux que vous pouvez utiliser dans vos propres comptes de médias sociaux.  

En vertu des dispositions du Cadre, les banques seront tenues :  

  • de communiquer aux consommateurs des renseignements importants pour les aider à prendre des décisions éclairées en temps opportun;
  • de fournir à leurs clients des services plus rapides de traitement des plaintes;
  • de veiller à ce que les produits et services qu’elles offrent ou vendent à leurs clients leur conviennent, compte tenu de leur situation;
  • de respecter de nouvelles règles de protection des consommateurs afin d’éviter de leur fournir des renseignements trompeurs ou d’exercer des pressions indues sur eux lorsqu’elles leur offrent ou leur vendent des produits et services.



Fraud Prevention Toolkits

In 2021, losses reported to the Canadian Anti-Fraud Centre reached an all time high of 379 million with Canadian losses accounting for 275 million of this. Fraud Prevention Month is a campaign held each March to inform and educate the public on protecting yourself from being a victim of fraud. 

This year's theme is impersonation, and focuses on scams where fraudsters will claim to be government official, critical infrastructure companies, and even law enforcement officials. 

This collection of fraud prevention toolkits is available in English and French.

In English:

Show me the fraud

Seniors

Middle Agers

Young Adults

Businesses

En Français:

Montre-moi la fraude

Aînés

Personnes d’âge moyen

Jeunes Adultes

Entreprises



Making more purchases online? Beware of fake websites and phony retailer apps

Many of us have shifted some of our shopping online during the pandemic – it’s easy and very often you can have items delivered right to your door. Criminals are taking advantage of the increased popularity of online shopping by creating fake websites and apps that look authentic but are just a ploy to steal your personal information.

The Canadian Banker's Association helps you identify fake websites and apps and shares tips on how to protect yourself while shopping online and what to do if you are a victim of an online shopping scam. 



Money Mentors’ free financial education programs

Money Mentors’ free online courses are available to everyone. The 1-2 hour narrated courses make it easy to learn at your own pace. These online courses provide the same great content as our in-person presentations, but at the touch of a finger.

They cover a variety of topics including budgeting, debt, credit, fraud, life events and one course even focuses on managing money and understanding credit for high school students. 

Read more about Money Mentors' free financial literacy presentations to provide K-12 students with money concepts and skills here.



COVID-19 Fraud Alerts

GetSmarterAboutMoney.ca is an Ontario Securities Commission (OSC) website that provides unbiased and independent financial tools to help you make better financial decisions. This series of videos increases awareness of fraudulent activity during COVID-19. Topic include:

  • Pump-and-dump scams
  • Fake government messages
  • Warnings about your finances
  • Work from home scams
  • Signs of investment fraud
  • Quick high-return schemes



Report on Income and Canadian Financial Consumer Complaints

This report explores the financial services complaint experiences of Canadians at various income levels who used the Ombudsman for Banking Services and Investments (OBSI)’s service. The national, not-for-profit organization collected demographic and case data for almost 1,000 closed cases resolved between 2017 to 2019 to create the report. These cases were grouped into three categories:

  • lower-income households (under $60,000);
  • middle-income households ($60,000 to $100,000); and
  • higher-income households (over $100,000).

Key findings include:

  • Lower-income households represent almost 40% of OBSI cases. Lower-income consumers of financial services need and make use of OBSI as an accessible alternative to the legal system.
  • Nearly one-third (30%) of employed complainants live in lower- or middle-income households. Canadians experience economic barriers to accessing legal services regardless of their employment status.
  • Most lower-income complainants are over 60, while most higher-income complainants are under 50. Older Canadians have a particular need for accessible dispute resolution.



Making Safety Affordable: Intimate Partner Violence is an Asset-Building Issue

This brief explores three existing unmet needs that contribute to survivors’ inability to build wealth: money, tailored asset-building support, and safe and responsive banking and credit services. Within each identified need, specific issues facing survivors, strategic actions in response to those issues, as well as innovative ideas and existing promising practices to help funders take action to prioritize survivor wealth are discussed.



Identity theft

Identity thieves try to use your personal information to take money from your bank account, shop with your credit card, or even commit crimes in your name. This publication explains how to spot the warning signs of identity theft, how to protect yourself, and what you can do if it happens to you.



Beware of scams related to the coronavirus

Scammers are taking advantage of the coronavirus (COVID-19) pandemic to con people into giving up their money. Though the reason behind their fraud is new, their tactics are familiar. It can be even harder to prevent scams right now because people 62 and older aren’t interacting with as many friends, neighbors, and senior service providers due to efforts to slow the spread of disease.

This blog post presents consumer protection toolkit resources produced by Consumer Financial Protection Bureau in addition to tips for consumers regarding COVID-19 related scams.



New Risks and Emerging Technologies: 2019 BBB Scam Tracker Risk Report

The Better Business Bureau Institute for Marketplace Trust (BBB Institute) is the 501(c)(3) educational foundation of the Better Business Bureau (BBB). BBB Institute works with local BBBs across North America.

This report uses data submitted by consumers to BBB Scam Tracker to shed light on how scams are being perpetrated, who is being targeted, which scams have the greatest impact, and much more. The BBB Risk Index helps consumers better understand which scams pose the highest risk by looking at three factors—exposure, susceptibility, and monetary loss. The 2019 BBB Scam Tracker Risk Report is a critical part of BBB’s ongoing work to contribute new, useful data and analysis to further the efforts of all who are engaged in combating marketplace fraud.

Update February 24, 2022: BBB Scam Tracker- Risk Report 2020

 



Elder Fraud Prevention and Response Networks Development Guide

This guide provides step-by-step materials to help communities form networks to increase their capacity to prevent and respond to elder financial exploitation.

The planning tools, templates and exercises offered in this guide help stakeholders plan a stakeholder retreat and training event, host a retreat, reconvene and establish their network, and expand network capabilities in order to create a new network or to refresh or expand an existing one.



COVID-19: Managing financial health in challenging times

This guide from the Financial Consumer Agency of Canada shares guidelines and financial tips to help Canadians during COVID-19. The topics include: getting through a financial emergency, where to ask questions or voice concerns, what to do if your branch closes, and more.

Seniors: tips to help you this tax season

As a senior, you may be eligible for benefits and credits when you file your taxes. The Canada Revenue Agency has tips to help you get all of them! This page includes tips for seniors at tax time and links to relevant Government of Canada resources. 

How to use your tax refund to build your emergency savings

If you file your taxes in the United States, you can learn how your tax return can kickstart your savings. This guide from the Consumer Financial Protection Bureau walks you through some fast and easy ways to use your tax refund to increase your savings.

This guide covers multiple topics including: why save your tax return, how to save money fast, affordable ways to file your taxes, and how to protect yourself from tax fraud. 



Ageing and Financial Inclusion: 8 key steps to design a better future

The G20 Fukuoka Policy Priorities for Ageing and Financial Inclusion is jointly prepared by the GPFI and the OECD. The document identifies eight priorities to help policy makers, financial service providers, consumers and other actors in the real economy to identify and address the challenges associated with ageing populations and the global increase in longevity. They reflect policies and practices to improve the outcomes of both current generations of older people and future generations.



Video: Debt collection scams

Dealing with debt collection issues can be challenging—especially when you’re not sure if the person you’re being contacted by is a legitimate debt collector or someone trying to scam you. This video from the Consumer Financial Protection Bureau in the United States shares useful tips on spotting debt collection scams and protecting yourself from scammers.



The Little Black Book of Scams (2nd edition)

Scammers are sneaky and sly. They can target anyone, from youngsters to retirees. They can also target businesses. No one is immune to fraud.
Our group of superheroes has found a way to see through the scams. Their secret is simple: knowledge is power!

Read this booklet to find out how you can also become a fraud-fighting superhero. Share this booklet with family and friends and start powering up!



Your Money Seniors


Your Money Seniors is a financial literacy program for seniors. Modelled on the CBA’s highly successful Your Money Students program, this seminar program is offered in French and English, free of charge, to seniors’ groups across the country.

Your Money Seniors is presented by bankers in the community volunteering their time and expertise and covers how seniors can:




Handout 9-7: Common frauds and scams


This handout is from Module 9 of the Financial Literacy Facilitator Resources. Common consumer frauds and scams to look out for.

To view full Financial Literacy Facilitator Resources, click here.




Fraud Facts 2017 – Recognize, Reject, Report Fraud

Understanding your Credit Report and Credit Score

Protecting Your Credit Report: How to Correct Errors and Check for Fraud


Your credit report is important for your financial health. It can help you get approved for credit cards and other loans. It can also affect your ability to rent housing or get hired for a job.
Protect your credit report by checking carefully for errors and signs of identity theft. You have the right to dispute any information in your credit report that you believe is wrong. You can ask the credit reporting agencies to correct errors. It’s free.


Preventing and Intervening in Situations of Financial Abuse. Ontario Edition

2013 Survey of Consumer Payment Choice: Summary Results


The 2013 Survey of Consumer Payment Choice (SCPC) is the sixth in a series of annual studies
conducted by the Federal Reserve Bank of Boston to gain a comprehensive understanding of the cash and noncash payment behaviour of U.S. consumers. This report summarizes data collected in the 2013 SCPC and contains 57 tables with detailed estimates of the number of consumer payments, rate of adoption, and share of consumers using nine common payment instruments—cash, checks, money orders, traveler’s checks, debit cards, credit cards, prepaid cards, online banking bill payments (OBBP), and bank account number payments (BANP)— plus payments made directly from consumers’ income source. The report also contains estimates of consumer activity related to banking, cash management, and other payment
practices; consumer assessments of payment characteristics; and a rich set of consumer and
household demographic characteristics.


The 2013 Federal Reserve Payments Study

Teacher’s Manual: Counterfeiting, Identity Crime

Worksheets: Identity Crime

Fraud Prevention Kit


This is a presentation from the Bank of Canada on fraud prevention. Students in grades 9 to 12 will learn how to prevent losses due to bank note counterfeiting and identity crime. The kit includes a teacher’s manual, worksheets, Fighting Fraud on the Front Lines DVD, and much more.