What it is: Phishing scams are a type of online fraud where a scammer attempts to trick you into revealing sensitive information such as passwords, credit card numbers, 2FA codes, recovery codes, or personal data (such as SIN/TIN). They usually begin with an email, text message, or social media message impersonating a legitimate organization asking you to click on a link and/or download an attachment that contains malware.

What you should do: Verify the sender of any suspicious communications to ensure the sender is legitimate. Be cautious with links and attachments - never click on links or download attachments from unfamiliar emails, individuals, or phone numbers. If you do click a link or download an attachment, use malware scanning software to ensure your device is not compromised.

Please report all phishing attempts to our security team at scamalert@wealthsimple.com.

What it is: A variant of the phishing scam where scammers create a fake Wealthsimple login page that steals your credentials and 2FA code. These pages typically look convincing, however, the URL won’t match the true login page: my.wealthsimple.com/app. Clients are directed to these fake login pages through phishing ads, messages or emails.

What you should do: Verify the URL of the webpage you are logging into matches my.wealthsimple.com/app. If you accidentally log in through the fake site, reset your password and contact our Client Support team.

What it is: A person you meet over a dating or networking app asks you to open a Wealthsimple account. They may ask you to deposit your own money and/or send money directly to your account. They will then withdraw the funds or ask you to withdraw the funds using a specific method. The scammers may tell you this is for an investment opportunity or claim to be in financial trouble. They may also ask for your SIN number and banking details in an attempt to open a Wealthsimple account without your consent.

What you should do: If somebody you meet over a dating or networking app mentions an investment opportunity or asks you for financial help, block them immediately and report their account. If you have already opened a Wealthsimple account, please reach-out to a representative directly over the phone.

What it is: Scammers contact you with a remote job offer that requires you to send or receive money or crypto assets to receive your paycheque or purchase supplies to start working. The “job” could entail completing tasks, making online reviews, or sending parcels to people you have never met.

What you should do: Be wary of any job offers that promise unrealistic pay for little to no effort. Legitimate companies will not hire over WhatsApp or other online messaging services, and will never require you to pay money to start working or to receive your paycheque.

What it is: These scams advertise guaranteed high or fast returns with no risks. When it’s time to withdraw funds, individuals might realize getting their money back is impossible. These can operate like Ponzi schemes or unregulated investment managers.

What you should do:

1. Practice due diligence by researching the company. Is the organization regulated? Does it have a track record or reviews? Check if the company is registered using FINTRAC or the Ontario Securities Commission, and search for investor alerts to see if the company has been previously reported as harmful.
2. Never send money or crypto assets unless you've done your due diligence.
3. Look for grammatical errors in the website URL or elsewhere on the page.
4. Stay clear of offers that sound too good to be true.

What it is: A person claiming to be affiliated with Wealthsimple reaches out to you via text, email or phone. They may claim to have investments in your name that require a Wealthsimple account to be transferred to Canada. They will walk you through opening an account using video screen sharing tools, or they will create an account in your name using your personal information. Companies that have previously impersonated Wealthsimple include “SimpleWealthFX'' and “Canadian Capital Markets”.

What you should do: Ensure you are the only person with access to your Wealthsimple account. If you suspect a company is impersonating Wealthsimple, please reach out to our support team.

What it is: A person will contact you or advertise themselves as being able to recover funds you lost in a previous scam. These people may claim to be affiliated with the police or a government organization. They will require you to provide personal information or pay upfront to receive the recovered funds.

What you should do: Never pay money to receive money. Contact police and the Canadian Anti-Fraud Centre to report previous scams and any recovery scams you may encounter.

What it is: There are a few variants of the emergency scam:

Emergency Family Scam:

Scammers may claim to be a family member (e.g., grandchild, parent) in distress who needs immediate financial assistance due to an emergency situation (e.g., medical issue, legal trouble). They may ask for money or personal information.

CRA (Canada Revenue Agency) Scam:

Scammers impersonate CRA agents, claiming you owe taxes or have a refund owed to you. They'll request payment or sensitive information. Legitimate CRA agents will never demand immediate payment over the phone or ask for personal info via email or text.

Police Scam:

Scammers pose as police officers, claiming an investigation related to your identity, bank account, or credit card. They might demand money or personal information. Real police agencies will never request payment over the phone or online.

What you should do:

Verify the caller's identity by asking for their name, badge number, and agency.
Hang up and call the organization in question directly using a verified phone number (e.g., CRA: 1-800-959-8281).
Be cautious of urgent or emotional appeals; scammers often use these tactics to create a sense of fear or urgency.

Never send money or provide personal information without verifying the authenticity of the request.

Remember, it's always better to err on the side of caution when dealing with unsolicited calls or emails claiming to be from government agencies or law enforcement.