Consumer alert: Fraudsters falsely using FCAC’s name
The Financial Consumer Agency of Canada (FCAC) has learned of suspicious incidents involving fraudsters falsely claiming to represent FCAC. These scams may involve individuals claiming to be an FCAC employee or the Commissioner of FCAC. More recently, fraudsters have also created fraudulent websites that falsely claim to be affiliated with the Government of Canada and FCAC. These websites may appear legitimate and may falsely claim that FCAC administers government funding, grants, investment programs or financial assistance for Canadians.
FCAC does not administer grants, provide investment funding, or offer financial assistance to consumers. In these scams, fraudsters may ask consumers to provide personal or financial information or to make a payment.
FCAC never requests payment from individuals. FCAC does not contact Canadians to ask for personal or confidential information. Anyone contacted in this manner, or who encounters a suspicious website claiming to represent FCAC, should report the incident to the National Fraud Reporting System.
This centralized system is jointly managed by the Royal Canadian Mounted Police and the Canadian Anti-Fraud Centre. It helps law enforcement agencies across Canada track and investigate fraudulent activities.
FCAC’s mandate is to supervise the compliance of federally regulated financial entities and strengthen the financial literacy of Canadians. This includes making sure that banks are in compliance with the consumer protection laws and regulations that apply to them.
Learn more about FCAC’s raison d’être and mandate.
Identifying fraud
Fraud is becoming increasingly sophisticated. Fraudsters constantly find new ways to steal personal or financial information and access the accounts of individuals or businesses. It may sometimes be difficult to identify the difference between legitimate requests for information from trusted organizations and fraud.
Avoiding fraud is all about knowing how to:
- recognize the signs
- reject claims that seem too good to be true
- reporting fraud to the appropriate authorities
As part of its role to protect financial consumers, FCAC provides unbiased and fact-based information and tools. This includes information on fraud.