Fraud
Prevention
Month

Know the signs

Lost to fraud:

$530,000,000

Reports of fraud:
90,137
Victims of fraud:
56,352

Reported fraud to Canadian Anti-Fraud Centre as of Dec. 31, 2022

Every day in Canada people permanently lose money to scammers.

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.

About
90-95%
of frauds go unreported.

Have You Been Defrauded?

You’re not alone.

Warning signs of fraud include:

You are promised high returns with little or no risk

You get a hot tip or insider information

You feel pressured to buy

They’re not registered to sell investments

Understand the warning signs

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

Contact us to report fraud

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

You can also contact your local police or call the Canadian Anti-Fraud Centre at 1-888-495-8501.

Types
of scams

Know the signs

Phishing

Grandparent

Recovery Room

Romance

Affinity

Boiler Room

Pump and Dump

Email

How scam smart are you?

Test your skills and knowledge with our quiz and resources so you know how to protect yourself.

Try our Scam spotter to keep your money safe

Learn to spot fakes and verify legitimate websites

Protect yourself from identity theft

Questions to ask before following a finfluencer’s advice

Crypto Fraud

Know the signs

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.

8 red flags of crypto fraud

High pressure sales tactics: you keep getting multiple calls from the company telling you to act now or you’ll miss out.
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.
Trojan horse: you’re told to download an app on your computer that actually gives the fraudsters access to your computer (such as AnyDesk).
Too good to be true: you’re shown online account details with unrealistic, rapid growth, to try and incentivize you to invest even more money.
Guarantee of high returns: you’re promised unrealistic returns, such as 300% growth.
Deceptive good looks: just because a website appears slick and professional, doesn’t mean it is legitimate. And just because a celebrity’s photo is on promotional materials, does not mean the famous face actually endorses the company.
Paying more to get less: you’re told you must provide more money before you can make any withdrawals.
Disappearing act: you can’t reach anyone when you make a request to withdraw money.

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.

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.