Investor Alert: Be aware of fraudsters misrepresenting themselves

TORONTO, Aug. 14, 2024 /CNW/ - The Canadian Investment Regulatory Organization (CIRO) is warning Canadian investors not to be fooled by fraudsters impersonating CIRO to recover funds they claim were lost during an unauthorized or erroneous transaction. The fraudsters use email addresses with the handle @cirocanada.com and a phone number from Alberta. Fraudsters also use fake documents to impersonate CIRO, where they misuse CIRO's logo and the name of CIRO's Chief Executive Officer. The documents and communications name Emily Fitz who is not employed nor otherwise affiliated with CIRO.

The fraudsters claim that a victim has already been a victim of a financial fraud, and falsely asserts that CIRO investigative operations were authorized to freeze an incoming transaction for the victim's safety. The fraudsters claim that CIRO is prepared to assist in the recovery of the associated funds. This is an investment recovery scam where fraudsters approach individuals claiming the victims have already fallen victim to a financial scam. CIRO will never require individuals to purchase insurance or pay a fee of any type to recover their losses. 

Investors can confirm with CIRO's Complaints & Inquiries team to verify the legitimacy of anyone claiming to represent CIRO. All individuals registered to offer financial advice in Canada are listed on the National Registration Search of the Canadian Securities Administrators (CSA).

Fraudsters are becoming very sophisticated in their use of technology, so investors should always independently verify the information they find on the Internet or that they receive by email or social media apps. For example, a list of dealers CIRO regulates is available on www.ciro.ca. Do not rely on unsolicited information and always check the background, qualifications and disciplinary history of investment advisors registered with CIRO or the CSA by checking the free AdvisorReport for advisors registered with investment dealers, or the CSA's National Registrant Search.

CIRO's Office of the Investor publishes information to help investors keep their investments safe. See Avoiding Fraud and Protecting Your Investments.

If you believe you have been a victim of this or a similar scam, please immediately contact your bank, local police, your provincial securities commission, and the Canadian Anti-Fraud Centre. If you are a victim of a CIRO-impersonation scam or a scam claiming CIRO regulation, please also report it to CIRO. 

Please direct all other inquiries to our Complaints & Inquiries team: 1-877-442-4322 (Canada/US), 800-5555-2323 (Outside Canada/US), or by completing our Secure Contact Form

SOURCE Canadian Investment Regulatory Organization (CIRO)

For media inquiries only: Joanna Nicholson, Manager, Corporate Communications and Public Affairs, Canadian Investment Regulatory Organization, Telephone: [phone], Email: [email protected]