MFDA warns of email scam targeting dealers

Fund dealers are being targeted by a cyber scam impersonating the Mutual Fund Dealers Association of Canada (MFDA).

The self-regulatory organization issued an alert warning fund dealers about an apparent email fraud attempt targeting MFDA members.

According to the alert, a firm recently received a suspicious email that claimed to be from the MFDA seeking payment for unpaid dues.

“This email was not generated by the MFDA and members should not send any funds in response to the sender,” the SRO said in a release.

The MFDA also recommended that firms circulate its warning to employees to ensure that they are alert to the scam.

“You may also want to ask relevant employees to report immediately if they have already engaged with this email,” the MFDA added.

Additionally, the SRO called on dealers and reps to report suspicious messages impersonating the MFDA to its membership services division.

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.