The Bank of Canada has issued a warning to the public about an increasing number of investment scams and deceptive articles circulating on social media that falsely mention the Bank. The institution clarified its position, stating, "We never give financial advice, offer investment products to individuals or ask for your personal details." They urge anyone who encounters such scams to report them to the Canadian Anti-Fraud Centre.
The Bank outlined several key points to help individuals recognize scams. It emphasized that as Canada's central bank, it does not accept deposits from individuals, request fund transfers or payments, engage in investment schemes, collect personal information via email or phone, or sell cryptoassets. Additionally, employees and officers do not solicit personal information through telephone or internet communications.
For those concerned about potentially fraudulent communications purporting to be from the Bank of Canada, it is advised to delete suspicious emails or messages after notifying local authorities. The public should access the Bank's website directly by typing its URL—https://www.bankofcanada.ca—to verify any claims made in suspicious communications. For further assistance, individuals can contact the Public Information Office at 1‑800‑303‑1282 or provide details of scams via email.
To protect personal and financial information online if a scam is suspected, people are encouraged to update passwords for accounts, enable multi-factor authentication, and monitor accounts for unusual activity.
Additionally, the Bank advises learning about counterfeit prevention measures and understanding how to report suspected counterfeit notes as part of broader efforts to combat counterfeiting.