| Fraud Warning:
OSFI has become aware that the names of reputable financial institutions in Canada are sometimes being used for fraudulent purposes.
Often, these scams involve the placement of classified advertisements in local newspapers in the United States that offer personal loans, small business loans, mortgages and automobile loans at very low interest rates. Individuals are encouraged to contact a toll-free number in Toronto. When this number is called, the individual is offered a low interest loan on the condition that an advance deposit or processing fee is sent via wire transfer. Respondents who advance funds do not receive legitimate loan offers or any money.
Please be aware that these offers are fraudulent. If you feel you may have been a victim of this or a similar scheme, please contact your local police department or call Phone Busters (a police telemarketing fraud agency) toll free at 1-888-495-8501.
OSFI also publishes Warning Notices regarding entities that it believes may be of concern to the business community and the public. None of them is regulated by OSFI or licensed under any Canadian federal financial institutions legislation. |
Locked-in RRSP warning
For further information, you may wish to refer to the Web sites of the organizations and government agencies listed below:
Royal Canadian Mounted Police
Phonebusters
Phonebusters is the central agency that collects information on telemarketing complaints throughout Canada and disseminates this information to the appropriate enforcement agency.
FINTRAC - Fraud Alert!
Canada Customs and Revenue Agency
The Manitoba Securties Commission
Ontario Securities Commission
Financial Services Commission of Ontario
Commission des valeurs mobilières du Québec
Office of Critical Infrastructure Protection and Emergency Preparedness