How to detect and report Fraud- Fidelity Canada
Fraud continues to be detrimental to the economy. In 2022, the Canadian Anti-Fraud Centre reported $531 million of loss to fraud and over 91,190 reported cases. This is a significant number, as many fraud incidents go unreported.
At Fidelity, we want to make sure our clients and future investors are protected from fraudulent activity. For over 30 years Fidelity has had a long-standing reputation of helping Canadians build better financial futures. Criminals can attempt to use a company’s reputation to their advantage, through misusing their brand, logo and name for fraudulent activity.1
Common red flags and tips to avoid fraud
The range of possible fraud schemes is large, and the first step in combating fraud is to recognize common signs of fraud.
Common red flags and characteristics
- Unusual or out-of-pattern activities. For example, you have no business with a company, but it is asking for account activation or further details.
- Callers and senders have trouble identifying themselves, or avoid questions when probed.
- Marketing materials with spelling or grammatical errors.
- Websites that look poorly designed, unprofessional and have broken links.
- Unexpected emails or contact.
- Aggressive tactics, such as rushing you to not miss an opportunity. Take time to research and see if it is legitimate.
- Investment opportunities promising unrealistic returns.
One way that fraudsters perpetrate fraud is by creating investment scams in which they create fake companies or pose as existing companies to obtain personal information or money.
If you have any doubt whether a firm is real, please visit CSA | ACVM (aretheyregistered.ca)
It is important to note if you have doubts about the legitimacy of a caller, always hang up, call the number found on the company’s official website, and verify the individual or organization.
What to do if you suspect fraud
If you suspect fraud, have been a victim of a scam or have received anything you suspect is misrepresenting Fidelity Canada, please contact us.
Please notify your local authorities and financial institution, and see Additional resources below for more information.
Canadian Anti-Fraud Centre
Canada’s Credit Bureaus: