Anyone can become a victim of a scam. Scammers are experts at deception. Find out important next steps if you, or someone you care about, had money taken by a scammer.
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What steps should you take if you’ve been scammed?
Financial fraud can be stressful. It can affect you both financially and emotionally. If you believe a scammer has taken your money, take these steps right away:
1. Gather all your information
Take a deep breath and then pull together all the information you have about what happened. Hold onto all records, including emails, texts and statements, from the person or organization you suspect defrauded you. Take notes about any conversations you’ve had and the organizations you’ve contacted.
Do not put yourself in danger. If you think evidence may be at the fraudster’s home or place of business, do not try to collect it yourself. Let the authorities know so they can pursue it in their investigation.
2. Report the fraud
When you report a fraud, you will be asked to provide as many details as possible about what happened. This includes providing any names, contact information or any documents you may have.
To report a fraud, contact:
- Your local police – You should file a police report as soon as possible. Some financial institutions may request it as part of their anti-fraud investigation procedures. The police may launch their own investigation. Or, depending on the circumstances, the police may forward the matter to the Joint Serious Offences Team. That team is an enforcement partnership between the OSC, the RCMP Financial Crime program and the Ontario Provincial Police Anti-Rackets Branch.
- The Ontario Securities Commission (OSC) – The OSC Inquiries and Contact Centre can help if you have a complaint about an investment or think you may be a victim of investment fraud. You can also report potential unfair, improper or fraudulent practices. You can reach the OSC by Online Form. Learn more about the OSC Contact Centre.
- The Canadian Anti-Fraud Centre – While local police are responsible for investigating your case, the Canadian Anti-Fraud Centre (CAFC) helps law enforcement by maintaining a central repository of information to assist with investigations. This information can be used to link crimes in Canada and beyond and indicate crime trends. It also helps law enforcement, private and public sector, academia and others to target prevention and awareness efforts based on reported cases.
3. Review your financial statements and accounts
Check your financial account statements for suspicious activities or any transactions you don’t recognize. This includes credit and debit card purchases, investments being sold, money orders or incorrect information. If something isn’t right, report it immediately to your financial institution.
4. Review your credit reports
Get a free copy of your credit report. The two largest credit bureaus in Canada are Equifax and TransUnion Canada. You can order a free copy of your credit report from each of these agencies once a year. It’s a good idea to check both, since they may be slightly different.
A credit report will tell you if someone has opened an account — such as a bank account or credit card — using your identity. If you notice an account or loan that you did not authorize, contact the creditor immediately and explain the situation. You may want to put a fraud alert on your credit report — this tells financial institutions that you may have been defrauded and to take addition steps to verify your identity before opening an account. Find out more about how to check your credit report.
5. Watch out for recovery room scammers
Recovery room scams happen to about one out of every three victims of fraud. Some scammers sell their victim’s contact details to other scammers. This second set of scammers promise to help you get your money back from the original scammers for a fee, but it’s just another scam.
Resources for investors can help people who may be experiencing distress, whether related to investment losses or other challenges. Use these resources to find answers to your questions and community supports.
Where do you go if you have a problem with a financial product or service?
Where to go for help depends on what kind of product or service you’re concerned with. The following organizations can help answer questions about financial products and services:
Ontario Securities Commission (OSC): regulates financial advisors and issuers in Ontario.
Tel: 1-877-785-1555
TTY: 1-866-827-1295
Email: Inquiries@osc.gov.on.ca
For multilingual resources visit InvestingIntroduction.ca.
Financial Securities Regulatory Authority of Ontario (FSRAO): regulates Financial Planners/Financial Advisors, Pensions, Mortgage Brokers, Life and Health Insurance, Property and Casualty Insurance, Credit Unions, Health Service Providers, Loan and Trust Companies and Co-operative Corporations.
Tel: 1-800-668-0128
TTY: 1-800-387-0584
Email: contactcentre@fsrao.ca
Canadian Investment Regulatory Organization (CIRO): oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO consolidates the operations of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).
Ombudsman for Banking Services and Investments (OBSI): helps consumers resolve disputes with banks and participating investment firms.
Tel: 1-888-451-4519
TTY: 1-855-889-6274
Email: ombudsman@obsi.ca
Financial Consumer Agency of Canada (FCAC): ensures federally regulated financial entities (banks, credit card companies, insurance companies and others) comply with consumer protection measures.
Tel: 1-866-461-FCAC (3222)
TTY: 1-866-914-6097
Consumer Protection Ontario: enforces a number of Ontario’s consumer protection and public safety laws, investigate alleged violations and handle complaints.
Tel: 1-800-889-9768
Tel TTY: 1-877-666-6545
There are steps you can take if you are concerned about financial services or advice you received, and you believe you may have lost money. Find out how to make a complaint.
Identity theft is when someone uses your personal information to commit fraud. Find out how to protect yourself.
How do you get money back from a scammer?
When a scammer takes your money, it’s very hard to get it back. This is particularly true for crypto scams.
It’s still important to report if you had money taken by a scammer. Reporting gives law enforcement authorities information about the scam. Those details may help prevent others from being scammed and contribute to a clearer picture of the number and types of scams in the community.
How can you protect yourself?
Fraudsters try to take advantage of your emotions, and your fear of missing out. They’ll pressure you to invest, encouraging you to act now or the opportunity will be gone, and you’ll lose out. But don’t let anyone pressure you.
Take the time to pause. Educate yourself about any investment opportunity. Find out more about the four signs of investment fraud.
The OSC issues investor alerts and warnings about potential harmful activity in progress and to caution the public about individuals or companies that may pose risk to investors. Always check the registration of any person or business trying to sell you an investment or give you financial advice. Checking registration is a quick and easy step that can help you protect your money.
Summary
Anyone can become a victim of a scam. If you had money taken by a scammer, take these next steps:
- Gather all your information – Collect all the information you have about what happened, including emails, texts and statements
- Report the fraud – Provide names, contact information or any documents you may have to your local police. You can also contact the OSC and report the fraud to the Canadian Anti-Fraud Centre.
- Review your financial statements and accounts – Check your financial statements for suspicious activities or any transactions you don’t recognize.
- Review your credit reports – Get a free copy of your credit report from Equifax and TransUnion Canada.
- Watch out for recovery room scammers – Scammers sell victim’s contact details to other scammers. Be wary of anyone who promises to get your money back from the original scammers for a fee.
