The Bank of Canada published consumer guidance warning about an increasing number of investment scams and deceptive online articles that reference the Bank on social media, and outlining how to spot and report suspected impersonation. The Bank underscored that it does not give financial advice, offer investment products to individuals, accept deposits from individuals, request fund transfers or payments, partner in investment schemes, collect personal or financial information via email or telephone, request information through social media messaging applications, or sell or issue cryptoassets. It advised people who receive suspicious calls or online communications to avoid clicking links, verify information by navigating to the Bank’s website directly, report concerns to local authorities and the Canadian Anti-Fraud Centre, and take account-security precautions such as updating passwords, enabling multi-factor authentication, and monitoring accounts for unusual activity.
Bank of Canada 2025-02-20
Bank of Canada warns of growing investment scams using its name and sets out how to recognize and report them
The Bank of Canada warned of rising investment scams and false online articles referencing the Bank on social media. It clarified that the Bank does not provide financial advice, offer investment products, or engage in activities like accepting deposits or issuing cryptoassets. Consumers should verify information on the Bank's website, report suspicious activities, and enhance account security.