Scams and fraud

Investment scam

OSFI is aware that some companies are falsely invoking its name or claiming to be OSFI employees, to legitimize their activities. Please be advised that OSFI does not have authority over day-to-day operations of financial institutions, and does not ask for payments to pay taxes, fines or any other fees to unlock an individual’s funds. If you are instructed by someone claiming to be OSFI or claiming that OSFI requires you to make such a payment, you may be victim of a scam. Anyone impacted by such a scam is urged to report the incident to the authorities through the Canadian Anti-Fraud Centre (CAFC), which is jointly managed by the RCMP, the Competition Bureau and the Ontario Provincial Police.

Impersonation of OSFI Employees

OSFI is aware that some individuals attempt to obtain personal information under false pretences from financial institutions and members of the public by claiming to be OSFI employees. There have also been instances of legitimate OSFI telephone numbers being spoofed and used to call Canadians as part of other scams. If you are telephoned or approached by someone with such a request, be advised that OSFI does not ask for personal or confidential information by telephone, email or fax. Anyone contacted in this manner is urged to report the incident to the authorities through the Canadian Anti-Fraud Centre (CAFC), which is jointly managed by the RCMP, the Competition Bureau and the Ontario Provincial Police.

Canadian Anti-Fraud Centre

The Canadian Anti-Fraud Centre, (CAFC) is the central agency in Canada that collects information and criminal intelligence on such matters as mass marketing fraud (i.e. telemarketing), advance fee fraud (i.e. West African letters), Internet fraud and identification theft complaints. Their website provides up-to-date information on types of fraud and various scams, tips on how to protect yourself against fraud, and a reporting mechanism. In addition to their website, CAFC can be reached as follows:

Telephone: 1-888-495-8501 (toll-free in Canada)
Fax: 1-888-654-9426 (toll-free in Canada)

Additional helpful information on scams and fraud is available on the RCMP website.