Brand-spoofing investment fraud targets Ontario residents [Video]

An investment fraud that uses real banks and insurance companies’ logos is targeting Ontario residents.

Peel Regional Police posted a warning from the Canadian Anti-Fraud Centre on Monday.

“We’re receiving reports from insurance companies and financial institutions about brand spoofing fixed income investment fraud,” the Canadian Anti-Fraud Centre said. “Reporting suggests this is part of a broader scam using multiple well-known company names and targeting investors.”

The scam involved people getting an investment opportunity that appears to come from a well-known bank or insurance company. The investment promises higher-than-normal returns on fixed-income products such as Guaranteed Investment Contracts (GIC) and saving bonds.

This fraud often comes after a person searches for investment opportunties online and enters their information into an “investment finder,” the Anti-Fraud Centre said.

The victim will then get a call from a fraudster claiming to be a legitimate company and offering a high return fixed-income opportunity.

The …