BoC warns of fraudsters posing as employees

Canada’s central bank is the latest institution to sound a warning about fraudulent activity.

The Bank of Canada said there’s an apparent scam underway in which fraudsters claiming to work for the central bank contact victims about purported suspicious activity in their personal bank accounts.

In an alert, the central bank stressed that it doesn’t accept deposits, request payments from individuals, collect personal financial information or participate in investment schemes.

Similarly, the bank said its employees don’t request personal or financial information over phone, by email or through social media.

Numerous regulatory and law enforcement agencies have reported an increase in fraudulent activity during the disruptions caused by the Covid-19 outbreak, including investment frauds seeking to capitalize on the conditions created by the pandemic, phishing attempts and efforts to defraud government support programs.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.