Consumer Bulletin: Cryptocurrency scams increasingly targeting and exploiting Canadians
Posted on Wednesday, January 12, 2022 10:00 AM
Scammers exploiting public interest in crypto investing
A growing number of Canadians are interested in investing in new categories, such as cryptocurrency, but these emerging technologies and platforms are unfamiliar to most investors, giving fraudsters the advantage when they are looking for people to target. According to the RCMP, fraud involving cryptocurrency rose 400 per cent between 2017 and 2020. What had been hundreds of cases (734) in 2017 jumped to thousands of cases (7,598) in the first...
Consumer Bulletin: Be aware of the risks of DIY investing
Posted on Friday, October 22, 2021 12:03 PM
More Canadians are choosing to be self-directed or do-it-yourself (DIY) investors than ever before. In 2020, over two million new DIY accounts were opened in Canada - more than double the amount opened in 2019. This represents an unprecedented rise in the number of Canadians who trade securities on their own using the services of an order-execution-only (OEO) firm. A key feature of OEO firms is that they provide investors with access to trading platforms but do not provide investors with...
Consumer Bulletin: Take care when considering mutual funds with DSCs
Posted on Thursday, May 06, 2021 11:15 AM
Last updated: Monday May 10, 2021
Deferred sales charges (DSCs) are fees that mutual fund investors pay to the mutual fund company if they sell the mutual fund within a certain time after purchasing it. All mutual funds have fees and there are many ways that these fees can be structured. Not all mutual funds have DSCs, but many do. The amount the investor must pay when they sell a mutual fund with DSCs declines over time and typically reaches zero after five to seven years. This is an example of...
Consumer Bulletin: Sometimes fraudsters are people we know
Posted on Thursday, March 25, 2021 12:00 PM
Canadians have good reason to fear getting scammed.
Nearly a quarter of the banking cases OBSI received in 2020 were related to fraud, making it the most reported banking issue of the year. According to the Canadian Anti-fraud Centre, fraud is on the rise. In 2020, Canadians lost $106.4 million to fraud compared to $96 million in 2019.
Many of these frauds and scams are perpetrated by criminals hiding behind false identities on the internet, and it seems these fraudsters are always figuring out new...
Consumer Bulletin: Validate a power of attorney before it is needed
Posted on Thursday, October 01, 2020 10:00 AM
It is something none of us wants to think about – what will happen if I or someone I care about becomes ill and needs assistance with our finances?
Planning for this type of situation is important for everyone, but it becomes even more of a priority with age. In a situation where you fall ill, need assistance with your finances or are no longer capable of managing them at all, a Power of Attorney (POA) is a legal document that allows a trusted friend or relative to make decisions about money and...