Case Studies

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Bank customer is a victim of multiple incidents of fraud

Posted Friday, December 18, 2020

Key lessons:

  • Unfortunately, not all frauds are committed by strangers. “Familiar fraud” refers to situations where someone who has access to the personal information and financial documents of a family member or close friend assumes their identity to gain access to money in their accounts.
  • Although banks have security measures to reduce the risk of fraud, consumers must keep their personal information such as security questions and PINs (personal identity numbers) confidential...

investment suitability

Investors incur significant losses and seek compensation, believing themselves to be unsuitably invested in high-risk securities

Posted Tuesday, November 10, 2020

Key lessons:

  • Investment suitability is not determined on the basis of losses. Investment suitability is based on the risk profile of an investment at the time that advice about it was given.
  • Every investment has the possibility of gains and the risk of loss, and the amount of each is usually closely matched. The advisor’s role is to recommend suitable investments, but they cannot predict the future nor guarantee results.
  • Investors should monitor their investments and stay informed...


Bank errors when arranging a mortgage transfer lead to costly penalties for borrower

Posted Monday, August 31, 2020

Key lessons:

  • Financial institutions are responsible for financial harm caused by their own administrative errors and delays.
  • Consumers can protect themselves by ensuring that arrangements for time-sensitive transactions are finalized well in advance and carefully reviewing all paperwork to ensure it matches their expectations.

Consumer decides to transfer mortgage to a new lender

Mr. G held a mortgage at Bank A that was maturing. A few weeks before the maturity date, he met with a...


Retired consumer targeted in text message scam

Posted Wednesday, July 29, 2020

Key Lesson:

Everyone is a potential victim of fraud and should take steps to protect themselves and their loved ones. Every day, fraudsters target consumers with elaborate scams that exploit familiar technology such as text and email. They use reasonable-sounding scenarios such as password resets, fraud alerts or prize draws to trick consumers into clicking links or disclosing personal information and passwords. Consumers should never provide banking or personal information to...


Senior with early signs of dementia gets into more than $68,000 of debt

Posted Tuesday, June 23, 2020

Key Lesson: 

Banks will not restrict a person’s access to their own money and credit until they have the required legal documentation to transfer control to someone else. It is important for everyone, but especially seniors, to plan ahead for how their finances will be taken care of if they need help.   

If a parent, relative or friend is no longer able to manage their finances and have trusted you to help: 

  • Set up a meeting with...

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