Consumer Bulletins

Consumer tips for resolving a complaint with your bank or firm effectively

During times of economic uncertainty, people often feel stressed about their finances. They spend more time thinking and worrying about money. Many will face unexpected expenses or loss of employment and lose the sense of security they had with their banks or firms. This may lead to concerns about being treated fairly.

We have learned from past experience that consumer complaints go up during difficult financial times. If you think you may have a complaint, read on. This resource shares our tips for...

Online scams are cheating a growing number of consumers out of their savings

Romance and employment scams are the most common online scams we see at OBSI. According to the Canadian Anti-Fraud Centre, Canadians lost more than $22.5 million to romance scams and more than $5 million to employment scams in 2018. These types of scams often involve an element of overpayment fraud in which consumers receive a payment for more than they expect and are then asked to return the excess funds. The funds that the victim has received turn out to be fake, while the money they have sent...

Bulletin: Binary options are highly risky and can leave investors with no protection

 Key learnings:

• The sale of short-term binary options has been banned in Canada and Mastercard and Visa have blocked binary option payments. However, investors in Canada are still able to purchase these offerings using other means and through other jurisdictions.
• Purchasing binary options from outside Canada leaves consumers with few opportunities to recover their money if something goes wrong.
• Be very cautious about purchasing investments based solely on online or telephone marketing.

Binary...

Bulletin: Protect yourself online

As you may have heard, fraudsters recently claimed to have access to the personal and account information of some BMO and Simplii Financial clients. You can read BMO’s statement here and Simplii’s here.

Both banks have said that they will fully reimburse customers for any financial impact of any unauthorized transactions.

The banks are investigating these claims and reaching out to potentially affected customers and the Office of the Superintendent of Financial Institutions is monitoring the situation.

What...

Bulletin: Updated Consent Letter and What to Expect document

OBSI is pleased to announce the launch of our newly updated Consent Letter and What to Expect document.
 
Our Consent Letter is the document that consumers sign to allow us to begin investigating their complaint. In this letter, the consumer gives their permission for us to exchange information about them and their complaint with the firm involved and sometimes with another person if they have someone helping them with their complaint.
 
The consent letter ensures that consumers...