Identity fraud

Identity fraud (sometimes called “spoofing”) is a complex fraud where someone impersonates someone else (for example, a "financial adviser") in order to get hold of your personal information or money.

decorative image: Identity fraud

Understanding identity fraud

Although identity theft and identity fraud are similar terms, they differ in their objectives and methods. Identity theft involves stealing a person’s identity to commit criminal acts or obtain financial benefits. Identity fraud involves fraudulently using an individual’s personal data to deceive one or more other victims.

In this type of fraud, fraudsters attempt by every means possible to earn your trust and may even use AMF public information, such as the certificate numbers of registered representatives listed in the Register of firms and individuals authorized to practise. You can avoid falling into their trap by taking a few precautions.

Red flags

It may be difficult to recognize a fraud attempt. However, a red flag should go up when you receive

  • An unsolicited text or e-mail message
  • An official-looking letter asking you to pay back a debt you don’t know about
  • A suspicious call or financial solicitation from a purported investment “expert”

Often, scammers involved in this type of fraud will attempt by every means possible to solicit you by masquerading as registered representatives or investment experts. They may, for example, offer you a once-in-a-lifetime "investment opportunity" or a loan at an attractive rate. In the course of their pitch, they will ask you for personal information and money to “open a file.” The moment they get what they want, they’ll vanish.

Tips and advice to protect yourself

Regardless of the method used to contact you, you can always ignore an unsolicited message. If you are contacted by phone, you can also tell the person you will call them back. If you really want to speak with the person, use the number in the AMF register, not the one given to you over the phone.

Never disclose personal information or send money before checking whether the individual communicating with you is in the Register of firms and individuals authorized to practise. Always use the contact information in the register. That way you’ll be able to check the identity of the person. If you have any doubts, contact our Information Centre.

When solicited, take some time to think things through: Don’t fall for promises of high returns for no risk and beware of opportunities that require urgent action on your part.

What to do in the event of fraud

Anyone can be a victim of fraud, so don’t beat yourself up. Fraudsters who steal information from real-life advisers for added credibility are adept at deceiving their victims.

  • Refer to the You're a victim of fraud? page to find out what to do, and contact the AMF if the fraud involves purported investments.

  • Break off all communications with the person or persons involved and stop sending money.