Beware of Scams Section

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.