Fraud against Canadians is on the rise – and advisors are on the front lines
Fraudsters duped Canadians out of $569-million last year, up from $383-million in 2021, according to the Canadian Anti-Fraud Cent re. These cases span everything from sextortion, in which fraudsters threaten to publish lurid pictures of their victims, to fake cryptocurrency investments.
The client called Richardson Wealth immediately and the firm managed to retrieve the wire transfer with seconds to spare. Larry Keating, founder of Markham, Ont.-based cybersecurity company NPC DataGuard, wrote the mandatory self-assessment questions for the Mutual Fund Dealers’ Association of Canada before it merged with the Investment Industry Regulatory Organization of Canada to form the Canadian Investment Regulatory Organization . He isn’t surprised that fraud is so rife in the financial sector.
“The clients keep everything in those mailboxes, including sometimes the account opening documents,” Mr. Stennett says. “In the deleted trash basket, there could be all sorts of valuable things such as signature copies.”
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