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Scams and fraud

Though we try our best to stop them, sometimes scams and fraudulent products use CDIC’s name or symbol to seem more legitimate and gain an individual's trust.

For your protection, it’s important to stay vigilant and be aware of the types of scams and fraudulent products being used in Canada.

Below is a list of some that we’ve seen refer to CDIC and recommendations for how to report these incidents.

Impersonation of CDIC employees

Some individuals attempt to obtain personal and/or financial information from financial institutions and members of the public by claiming to be a CDIC employee.

These individuals may even imitate a CDIC email address, a name and/or signature of an employee, CDIC letterhead or an employee I.D. number to appear more legitimate.

If you are contacted or approached by someone with such a request, be advised that CDIC does not ask for financial, personal or confidential information by telephone, email or fax.

False CDIC transactions and financial opportunities

CDIC is the crown corporation established to protect eligible deposits in the event a member institution fails.

Coverage for CDIC insurance is free and automatic.

As such, CDIC would never contact depositors with investment opportunities (including cryptocurrencies), or requests for payment, account transfers, fund recovery or any other financial information. Additionally, as we do not accept any fees from depositors, there should never be charges appearing from CDIC in your bank account(s).

False advertisement of CDIC membership

CDIC member institutions must advertise their membership in both physical and online locations. However, there have been instances of financial institutions that are not members falsely advertising that they are, leading clients to believe that their deposits held at the institution are insured.

Though CDIC works to prevent this, it’s always recommended that you consult CDIC’s list of member institutions to confirm that the financial institution you are working with is in fact a CDIC member. Alternatively, you may reach out to CDIC at info@cdic.ca for clarification.

Please note: this situation does not need to be reported to the Canadian Anti-Fraud Centre or the Financial Consumer Agency of Canada.

How to report a scam or fraud

CDIC does not protect depositors against fraud, scams, or theft. 

If you have been exposed to fraud or a scam, you may wish to contact the Financial Consumer Agency of Canada (FCAC). They handle financial fraud-related matters.

Financial Consumer Agency of Canada (FCAC)

427 Laurier Avenue West, 5th Floor
Ottawa ON K1R 1B9

We also recommend that you report the incident to the Canadian Anti-Fraud Centre (CAFC).

Canadian Anti-Fraud Centre (CAFC)

CAFC is the central agency in Canada that collects information and criminal intelligence on such matters as mass marketing fraud (i.e. telemarketing), advance fee fraud, Internet fraud and identification theft complaints. Their website provides up-to-date information on types of fraud and various scams, tips on how to protect yourself against fraud, and a reporting mechanism.

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