Are you smarter than a fraudster?

There’s a good chance you or someone you know has had money taken by a fraudster. Anyone can become a victim. Scammers are experts at deception. Canadians had more than half a billion dollars taken by fraudsters last year.  

While the amount of money taken by scammers is increasing, generally only 5 to 10% of victims report their losses, due to embarrassment or shame. 

“Fraud can have a devastating impact on victims, affecting not only their finances but also their confidence and well-being,” said Detective Constable John Armit, Anti-Rackets Branch, OPP. “That’s why it’s so important to approach fraud prevention with empathy and a commitment to putting victims first.”  

Generative AI is being used to quickly spread investment scams. Recent OSC research studied the use of AI in retail investing, and concluded that providing awareness information can help investors avoid scams — and learn how to verify legitimate investment opportunities. Visit FraudPreventionMonth.ca to find out how to identify and avoid scams.  

“Education, information and awareness are powerful tools in the fight against fraud,” said Armit. “By reporting fraud to your local police service, financial institution, social media platforms and the Canadian Anti-Fraud Centre, you provide law enforcement agencies with the crucial information they need to identify trends, combat multi-jurisdictional fraud and disrupt the digital tools bad-faith actors use.”  

If you had money taken in a scam, gather all your information, such as emails, texts and statements, from the person or organization you suspect defrauded you. And then report it. Find out more about who to contact and other steps to take if you’ve been scammed.

Oh Canada: regulators and your investments

In Canadian financial markets, regulations protect investors and the integrity of the markets. Find out more about how regulators, like the Ontario Securities Commission, protect investors. Banks, credit unions and other financial institutions are also well-regulated in Canada, which helps protect investors. See how your investments are protected at financial institutions.

Searching for financial control

Uncertainty in the economy can make us all feel a bit overwhelmed, as there is so much that we cannot control. Sometimes it can help to focus on things you can influence. Reviewing your budget can help put you in the driver’s seat of your personal finances. If you’re struggling with household debt, take a look at 10 tips to save your money. And if things are getting really tight, consider trying the debt consolidation calculator and find out what to ask if you need to borrow money.

Double trouble: when scammers hurt you twice

If you had money taken in a scam, be wary of anyone promising to help get your money back — for a fee. The OSC’s Contact Centre reports that 65% of people calling about scams have been harmed by fraudsters more than once. Some are approached by a stranger offering to help them get their money returned, while other victims reach out to companies whose ads promise assistance. Our new video takes you through what a recovery scam can look like and how to avoid one.

Bond basics and bumpy times

With higher rates globally, bonds are driving greater “interest”. It’s important to understand that when you invest in a bond, you are lending your money to a corporation or government. In return, you get a fixed rate of interest on your original investment. Bonds can be considered a way to manage overall risk in your investment portfolio, because they are a fixed-income investment. But you will want to pay attention to four important factors that affect bond prices: interest rate risk, inflation risk, market risk and credit risk.

Regulatory Updates & Initiatives

Here are some recent developments and publications: 

• Canadians are losing millions to investment scams. To mark Fraud Prevention Month and combat the escalating threat of online investment fraud, the CSA, the Canadian Anti-Fraud Centre (CAFC) and the Royal Canadian Mounted Police (RCMP) are together urging Canadians to help fight fraud by reporting suspected scams and by increasing vigilance when considering online investment opportunities.

Preparing for the worst

What would you do if you become ill or injured, and you couldn’t earn an income while recovering? Disability insurance provides a monthly cash payment to you if you are unable to work because of illness or injury.

Getting schooled on scams

Head back to class to get smarter than scammers. Our free course, Managing your money 101, will help you protect your money from fraud. It will also help you learn the basics of managing your money, including how to make a budget and ways to save.

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