Brampton-Ontario: Peel Regional Police are warning residents about a new investment scam that has already taken thousands of dollars from victims in Ontario and other provinces. The fraud involves fake Guaranteed Investment Certificates (GICs) that look real but have no connection to any Canadian bank or financial institution.
According to police, the scam begins when a person clicks on an online ad or link that promises high-return GICs. The website looks professional, and the scammers pretend to be financial advisors. They talk politely, explain the returns, and convince the victim to transfer money into what they claim is a “secure investment account.”
In reality, the company does not exist and the GIC is completely fake. Once the victim sends the money, the scammers disappear. In one case, the victim lost a very large amount after trusting the fake company’s instructions.
Police say the scam is spreading across different provinces, and more people are now coming forward. Many newcomers and seniors are at higher risk because the scammers sound professional and use websites that look like real Canadian financial institutions.
Officers are reminding everyone that real GICs can only be issued by registered banks, credit unions or licensed financial companies in Canada. Before investing, people should always double-check the company’s name, ask for proper documents, search it online, and confirm with their bank.
Anyone who feels they may have been targeted or has already lost money is urged to contact Peel Regional Police’s Financial Crimes Unit or Crime Stoppers immediately.
CN Canada will continue to follow this developing story and share updates.