Case Studies


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Consumer surprised when bank gives him 30 days to close his account

Posted on Thursday, November 03, 2022 11:59 AM

Mr. K arranged a meeting at a Canadian branch of ABC Bank, so he could open a personal chequing account. At the meeting, he provided the proper documentation and told the bank he would be traveling abroad. He also mentioned that a branch of ABC Bank was located where he was going, and he was relying on his new ABC bank account to transfer money back to Canada.

A month later, Mr. K received a 30-day notice for the closure of his bank account with ABC Bank. In the e-mail message, the bank stated that...

Consumer’s intentions to gift money while alive could not be confirmed

Posted on Thursday, November 03, 2022 11:51 AM

Ms. A was a senior with serious health issues who had given one of her three daughters Power of Attorney (POA). Ms. A’s daughter arranged a time for them to meet with Mr. G who was Ms. A’s long-standing mutual fund representative at her bank branch.

On the day of the meeting, Ms. A’s daughter attended alone because Ms. A wanted to rest at home. Her daughter told Mr. G that the purpose of the meeting was to transfer Ms. A’s savings to her chequing account and liquidate her mutual funds. The daughter...

Investor loses nearly $400,000 in cryptocurrency scam

Posted on Thursday, October 20, 2022 10:35 AM

Mr. F was a healthcare professional and wanted to invest his savings. He was contacted online by someone who claimed to represent online investment company Firm X. The representative said the firm offered investing opportunities with high returns and advisory services to help investors. The representative encouraged Mr. F to use Firm X’s trading platform to invest in cryptocurrency. To open the account, he was told that he would need to invest using bitcoin.

Shortly afterwards, Mr. F opened an online...

Investor sells at a loss when markets fall and seeks compensation from advisor

Posted on Tuesday, June 28, 2022 11:00 AM

Key lessons

  • All investors should understand that higher potential investment returns come with a higher risk of investment losses, but most people find it much easier to consider potential investment gains than to deal with investment losses. Before committing to any investment plan with medium-to-high expected returns, consider: If your investments were to lose half their value, how would you feel? How would your short- and long-term financial well-being be impacted? Could you stick to your plan?...

New investor is targeted on social media

Posted on Wednesday, January 12, 2022 03:48 PM

At OBSI, we have seen a significant increase in complaints related to cryptocurrency and fraud. The case example below was originally published in our Consumer Bulletin: Cryptocurrency scams increasingly targeting and exploiting Canadians.

Scammer poses as cryptocurrency broker

Mr. U was young and had limited investing experience. While on social media, a woman approached him and introduced herself as a cryptocurrency broker. She said that she could help him invest in cryptocurrency and promised...

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