Fraud Prevention Month

Every day in Canada people permanently lose money to scammers.

Have You Been Defrauded?

You’re Not Alone

$554 Million
Lost to fraud in 2023

90-95%
of fraud goes unreported.

Investment Fraud
Number one type of fraud based on dollar loss

Reported fraud to Canadian Anti-Fraud Centre as of Dec. 31, 2023

If you think you may be the victim of investment fraud, you can contact the OSC:

Phone: 1-877-785-1555
Email: inquiries@osc.gov.on.ca
Submit anonymously using our online form

More than a half a billion dollars was reported lost to fraudsters last year.
The actual losses are much higher because only about 5 to 10% of frauds are reported.

March is Fraud Prevention Month.

Protect your money and your family.

Warning signs of fraud include:

1

You are promised high returns with little or no risk

2

You get a hot tip or insider information

3

You feel pressured to buy

4

They’re not registered to sell investments

Learn More

More Resources

How fraudsters take advantage of behavioural biases

Fraudsters take advantage of blind spots in our decision-making known as behavioural biases. They exploit these biases in order to manipulate people and take their money. Learn how to identify your biases and defend against scams and fraud.

How a fraudster might approach you

There are many ways someone may try to separate you from your money. Learn more about the ways you could be contacted and tips to protect yourself.

Investor warnings and alerts

At the OSC, we continuously issue investor alerts and warnings about possible harmful or illegal activity in progress. We also maintain a list of companies or individuals performing activities that may pose a risk to investors.
Current Warnings and Alerts

Investing Academy – Managing Your Money 101

Sign up for our free course Managing Your Money 101 to learn how to stay safe from fraud and manage your money well. You’ll gain knowledge about investing and learn how you can put it into action with confidence.

Check before you invest

Thinking of investing your money? It’s important to always check the registration of any person or business trying to sell you an investment or give you financial advice. Checking registration is a quick and easy step that can help you protect your money and avoid fraudulent people or companies.
Protect yourself from fraud

How to report fraud

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, take these steps right away.

Spot the signs of investment fraud

Affinity

AI Voice Cloning

Boiler Room

Grandparent

Phishing

Pump and Dump

Recovery Room

Romance

How Scam Smart Are You?

Try our Scam spotter to keep your money safe

Learn to spot fakes and verify legitimate websites

How fraudsters take advantage of behavioural biases

How a fraudster might
approach you

There are many ways someone may try to separate you from your money. Learn more about the ways you could be contacted and tips to protect yourself.

There has been a significant rise in investor complaints about crypto-related scams.

Since 2020, the OSC Contact Centre had a 270% increase in crypto-related complaints.

There are several crypto trading platforms that have taken steps to be registered in Canada. These platforms are subject to regulatory oversight that helps protect investors. The list includes firms that have entered into a pre-registration undertaking; these firms have specific terms and conditions which should be reviewed before you consider opening an account. You can check to see if a crypto asset platform is registered in Ontario. If you are considering investing in crypto assets, always work with a registered crypto asset trading platform or one that has entered into a pre-registration undertaking.

8 red flags of investment-related crypto fraud

1

Fake websites: Fraudulent crypto trading platforms can look very similar to legitimate sites, making it difficult for you to tell the difference. These website’s polished look may lure you into sharing personal information, financial information, and crypto wallet passwords that end up in the scammer’s hands. Often these websites use a lot of jargon and have no contact details.
2

Celebrity faces: Just because you see a celebrity’s photo on promotional materials, it does not mean the famous face is knowledgeable or actually endorses the company.
3
Unsolicited phone calls and emails: You keep getting multiple calls trying to get your personal information such as your crypto wallet details, banking information or to get you to send money.
4
No trading experience needed: You’re told not to worry about a lack of trading knowledge. They tell you it’s all done automatically for you, so you don’t need to know anything.
5
Asking for access to your computer: You’re told to download an app on your computer (such as AnyDesk) that actually gives the fraudsters access to your computer (often called a “Trojan horse” tactic).
6
Too good to be true: You’re offered an unbelievably low price that’s below market value. And you may be guaranteed unrealistically high returns, such as 300% growth.
7
Paying more to get less: You’re told you must provide more money before you can make any withdrawals.
8
Disappearing act: You can’t reach anyone when you make a request to withdraw money.

Learn More

John

It began with an online ad. John thought he was investing $16,000 in Bitcoin. The senior citizen provided information that was used to create an online bank profile. The fraudsters withdrew money from his bank account. Fortunately, his daughter intervened — but not before he lost a lot of money.

Janelle

A simple click on a Facebook link and a phone number request. Janelle provided her number and was called by someone promising she could double her money in a crypto investment. She sent money but couldn’t reach the person she talked to when she tried to withdraw it. She lost $1.4 million. The money had been set aside for treatment for her terminal illness and for her to leave to her children.

Tannis

Tannis saw an online crypto currency ad with a picture of someone famous. Intrigued, she clicked the link, provided her contact information and invested. When she tried to withdraw her funds, they told her to pay more money for “taxes and margin issues.” She paid but then was unable to reach anyone or access her account.

Warren

Warren is a dentist who was intrigued by online ads offering fantastic profits in crypto. He clicked on one ad and invested a small amount. He was impressed by how much his offshore online account was making. Being careful, he successfully withdrew $500. Warren then invested $25,000, confident his investment was safe. Later he tried to withdraw $3,000, and he was told to pay $1,500 to cover fees. After paying, the company stopped responding to his emails and Warren never recovered any of his money.