Shani Dion-Thibaudeau

By Shani Dion-Thibaudeau

May 10, 2016

Financial Security

Beware of Fraudulent Calls!

Article revised on 28 July 2017

For the past few weeks, fraudsters have been calling residents, claiming to be representatives of different insurance companies and trying to obtain information from consumers over the phone, particularly with regard to their mortgage loans. Be vigilant to avoid falling into the trap, and don’t hesitate to report such calls.

Fraudsters all use more or less the same type of approach. You get a call in the evening from someone who wants to offer you financial services, usually in connection with your mortgage. The caller asks you the name of the company you are currently dealing with. Sometimes, the caller wants to verify your address. If you refuse to answer the questions, the caller simply hangs up.

Legitimate telephone solicitation practices

Insurance companies must comply with certain rules regarding telephone solicitation. For example, if you registered your number on the The National Do Not Call List (DNCL), you should not receive sales calls.

What’s more, licensed insurance representatives and mortgage financing advisors are required to give their name and state their job title, the entity they work for (company or firm) and the reason for their call.

In general, when representatives call, they offer to schedule a meeting so that they can talk to you in greater detail about what they have to offer.

Be vigilant!

  • If you have caller ID and receive a call from someone you don’t know, don’t answer.
  • You should be particularly suspicious of telephone numbers with a 900 area code.

If you answer…

  • Be wary of callers who present you with a limited-time offer and urge you to accept it right away.
  • Never give your credit card number or any other banking information to someone over the phone, unless you are the one who made the call, and the number is from a secure source.
  • If the caller claims to represent your bank, ask for his or her name. Then, take the time to call your financial institution to find out if the offer is legit.

Do a quick internet search

  • Jot down the phone number and type it on the Google search bar.
    The search results can confirm or relieve your doubts. That’s because there are a number of sites that display telephone numbers that are known to be used for fraudulent calls.

Report a fraudulent call

Here’s how:

  • Contact the institution whose identity was used, to make them aware of the situation.
  • Contact your local police department.
  • Contact the Canadian Anti-Fraud Centre at
    1 888 495-8501
    http://www.centreantifraude.ca
  • Call the Competition Bureau at
    1 800 348-5358
    gc.ca
  • Notify the Canadian Securities Administrators of fraud
    securities-administrators.ca

Need more information?
Contact one of our financial security advisor!

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