Be an informed investor - don't be fooled by fraudsters misrepresenting themselves
August 31, 2021 (Toronto, Ontario) – The Investment Industry Regulatory Organization of Canada (IIROC) is warning Canadian investors not to be fooled by Questradeinc.com.
Beware of fake financial websites trying to steal Canadians' money. Fraudsters are impersonating trusted IIROC-regulated institutions through many channels, including genuine-looking phishing websites.
Some fake websites look nearly identical to the trusted institution's website with the same logo, brand, and likeness; others copy legitimate websites but change the firm's name and contact details. Calls to the phone numbers provided in the contact details typically reach a scammer pretending to be an employee of the IIROC-regulated firm.
Investors should be aware the phone number listed in the contact section of Questradeinc.com also appears on these websites:
Victims of this type of scam should contact their local securities regulator.
Tips to protect yourself:
- Before working with any investment firm, verify the firm is regulated by IIROC.
- Compare and confirm websites. Carefully check the domain names of any websites you visit and cross-reference contact details on the website with other resources.
- Do an internet search for the company to determine if the website is legitimate or duplicates the company's site.
- Check for misspellings or variations on the company name on the website or email address.
- The Canadian Securities Administrators provide investor alerts.
Investors can also check the background, qualifications, and disciplinary history of investment advisors registered with IIROC by checking out our free AdvisorReport.
IIROC-regulated investment firms and individuals must meet our high standards and deal fairly, honestly and in good faith with Canadian investors
IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 175 Canadian investment dealer firms of varying sizes and business models, and their more than 30,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.