From Bay Street to Main Street — Find out some of the most common questions asked when we’re out in the community speaking with Ontarians at OSC in the Community events.
On this page you’ll find
- How do scammers get your phone number?
- What should you do if you are a victim of fraud?
- What happens after you report a fraud to the OSC? Can you get your money back?
- If you were scammed, but the scammer is not in Ontario, should you still report it?
- With the popularity of artificial intelligence (AI) how do you avoid being scammed?
- Why is it important to check registration?
- Where do you go if you have a complaint?
- There’s a lot of titles out there in the financial world such as advisors and planners. Who regulates what people can call themselves and what does it mean?
- Many seniors are being defrauded. Why isn’t it mandatory for advisors to receive training to spot signs of financial exploitation or a decline in cognitive abilities?
- Where can you learn more about budgeting and saving?
- Where can you go if your family is looking for financial information, but English is not their first language?
- How do you book an OSC in the Community presentation?
Fraud
How do scammers get your phone number?
There are different methods scammers use to find phone numbers. They buy stolen lists, use public lists, scour social media or social engineer their way to obtaining personal information to use for fraudulent purposes.
Protect yourself by never giving out personal information to people you do not know. Be careful if someone calls you and says they’re with a company. You can always call back using a number you know belongs to the organization. You can also register your phone numbers with the National Do Not Call List or call 1-866-580-DNCL (3625).
Check out this list to protect your personal information.
Be on the lookout and watch for ways a fraudster might approach you.
What should you do if you are a victim of fraud?
If you think that you may be a victim of securities fraud in Ontario, contact the Ontario Securities Commission (OSC) at 1-877-785-1555 or the securities regulator in your province or territory.
For non-securities related frauds, contact your local police.
Also report the fraud to the Canadian Anti-Fraud Centre. They assist law enforcement through maintaining a central repository of information to assist with investigations.
You may also find the article what to do if you are defrauded helpful.
Be aware that there is a statute of limitation for securities fraud of no more than six years after the date of the event.
What happens after you report a fraud to the OSC? Can you get your money back?
After you report a fraud to the OSC, the information will be reviewed by OSC staff with a focus on potential violations of Ontario securities law.
Regulatory reviews, and any subsequent investigations, are conducted confidentially and any issues that staff may identify will be addressed directly with the person or company being reviewed. Information that can be made public is posted on the Capital Markets Tribunal website.
In most fraud cases, people don’t get their money back — the money is gone. Fraudsters spend it quickly or move it somewhere authorities can’t trace or access it.
If you were scammed, but the scammer is not in Ontario, should you still report it?
In many cases, fraudsters operate outside of Ontario.
The OSC works with securities regulators and law enforcement agencies across Canada and around the world. The OSC is a member of the Canadian Securities Administrators and the International Organization of Securities Commissions.
We have agreements in place where we share information and collaborate on initiatives, including investigations.
If you think that you may be a victim of securities fraud in Ontario, contact the Ontario Securities Commission (OSC) at 1-877-785-1555 or the securities regulator in your province or territory.
With the popularity of artificial intelligence (AI) how do you avoid being scammed?
Artificial intelligence (AI) can imitate anyone’s voice or face. Take caution if you get a phone call from someone who sounds like a friend who says they are in trouble and asks you to send them money immediately.
Protect yourself from voice and face cloning scams that use AI. Verify the authenticity of the caller by asking them a question only the real person would know the answer to. And consider having a challenge code — a special word or phrase only your family knows.
Learn how to protect yourself from fake AI voice scams by watching this video.
Working with an advisor
Why is it important to check registration?
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.
Registration helps protect you. It means the person or firm trying to sell you an investment has met the proficiency requirements for the products and services they offer. It means that a firm or person is required to act with integrity in their dealings with you and recommend investments that are suitable for you.
Registration doesn’t mean they will always give you good advice, act ethically, stay in business or guarantee that you’ll make or that you won’t lose money. But it is the first line of defense in protecting against fraudulent, unfair or improper practices.
Learn more about registration and how to check registration of anyone in the business of trading or advising in securities.
Where do you go if you have a complaint?
If you’ve had a problem with a financial product or service, consult this list of organizations that may be able help you, depending on your concern or complaint.
Learn more about the process and how to make a complaint.
There’s a lot of titles out there in the financial world such as advisors and planners. Who regulates what people can call themselves and what does it mean?
The Financial Services Regulatory Authority of Ontario’s (FSRA) Title Protection Rule was developed to help ensure investors are getting advice from trained professionals. This means that anyone using the title Financial Planner or Financial Advisor needs to hold an approved credential from a FSRA-approved credentialing body.
Recently, the Canadian Investment Regulatory Organization (CIRO) was approved as a credentialing body. CIRO is the national self-regulatory organization that oversees all investment, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces.
The Ontario Securities Commission regulates the investment industry. This means that firms and individuals providing investment advice, selling/buying investments and issuing investments in Ontario must be registered with the OSC.
Registration tells you that the individual has the qualifications and skills to provide services and products under their registration category. Learn more about how registration protects investors and how to check the registration of an individual or firm. You may also find it beneficial to learn what to expect when working with an advisor.
Many seniors are being defrauded. Why isn’t it mandatory for advisors to receive training to spot signs of financial exploitation or a decline in cognitive abilities?
As part of the OSC’s Seniors Strategy to protect older adults, we have resources to assist registered firms and their representatives with addressing the needs of older and vulnerable investors. These resources cover topics such as working respectfully with older and vulnerable clients, as well as identifying and responding to signs of financial exploitation and diminished mental capacity. Learn more about working with older and vulnerable clients. Also, firms may develop their own resources and/or provide their staff with training for working with older adults.
Other important tools are for people to name a Trusted Contact Person and grant a power of attorney.
Financial literacy
Where can you learn more about budgeting and saving?
The OSC’s investor education website GetSmarterAboutMoney.ca has free, unbiased resources to help you Get Smarter About Money. You can visit the budgeting or saving learning paths to build your knowledge. You may also find our free courses with Investing Academy a helpful way to learn the basics of investing, managing your money, and planning for the future.
Where can you go if your family is looking for financial information, but English is not their first language?
You can find multilingual investing resources at InvestingIntroduction.ca. The website has free, unbiased information — in more than 20 languages — to help people make more informed investment decisions.
Our multilingual outreach includes the OSC in the Community program. It takes the OSC’s regulatory mandate from Bay Street to Main Street. OSC staff travel to communities across Ontario to talk with investors, including newcomers and multicultural groups. We deliver investor education presentations on fraud prevention, investing 101, and the client-advisor relationship.
How do you book an OSC in the Community presentation?
Contact us to book a free Protect Your Money presentation for your club, community or organization.
Email: InvestorOffice@osc.gov.on.ca
Call: 1-877-785-1555
