Investors, including Canadian seniors, are advised to exercise caution when considering Guaranteed Investment Certificate (GIC) offers online.
Fraudulent websites have been identified that aim to deceive individuals by impersonating legitimate financial institutions and their representatives.
These scams often claim to offer high returns on GICs but do not provide legitimate investments or financial advice. Investors risk significant financial loss if they engage with such websites or individuals.
Protect Yourself from Fraud
To safeguard yourself, always verify the legitimacy of any financial offer by visiting the official, registered website of the financial institution.
In Canada, investors are also encouraged to verify advisor information using the National Registration Search of the Canadian Securities Administrators (CSA). This registration ensures that only qualified individuals and firms can provide financial services.
However, since fraudsters often impersonate legitimate advisors who appear registered, it is also crucial for investors to directly confirm with the registered financial institution that they are indeed dealing with the actual registrant.
If you believe you have been a victim of this or a similar scam, please report it to your financial institution, local police, your provincial securities commission, and the Canadian Anti-Fraud Centre.
CIRO’s Office of the Investor provides resources to help Canadians avoid investment fraud and protect their financial well-being. See Avoiding Fraud and Protecting Your Investments on CIRO’s website for additional information.
