Learn How to Protect Yourself for Fraud Prevention Month

Buying or selling a home, getting an insurance policy, and managing your savings and pension can be among the most important financial decisions you make in your lifetime.

March is Fraud Prevention Month. BCFSA regulates financial services in British Columbia, and can share a few ways that you can help protect yourself against fraud during important financial transactions:

1. Work with licensed professionals and financial institutions. Licensees, registrants and companies authorized in British Columbia can help protect you. For example, real estate licensees must stay up-to-date on fraud prevention practices. Financial institutions – including B.C. credit unions, insurance and trust companies, and pension plan administrators – must follow information security guidelines to help protect consumers from cyber risks and attacks.
   Find a professional or financial institution
2. Report a concern. BCFSA can investigate fraud in the financial services sector, as well as take action against unlicensed actors and other types of misconduct.
   Report a concern

In addition to learning how to protect yourself from fraud, Fraud Prevention Month is a good time to learn how to prepare for the unexpected. For example:

• Are you considering working with an alternative or private mortgage lender? Speak with a registered mortgage broker to help you understand the terms and conditions.
• Do you know what deposits at your financial institution are protected by deposit insurance? At B.C. credit unions, all eligible deposits are 100 per cent guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia. (“CUDIC”). Learn which deposits are eligible.
• Find more information and resources to help you make informed decisions on our website.
• Understand the duties and responsibilities owed to you by real estate licensees.

For more tips throughout March on how to recognize and avoid financial fraud, follow BCFSA on Facebook, X, and LinkedIn.  

• About BCFSA

  BC Financial Services Authority (“BCFSA”) is the province’s regulator for the financial services sector to help protect British Columbians during some of the most important financial decisions of their lives. As a Crown agency of the Government of British Columbia, BCFSA oversees credit unions, trust companies, insurance companies, pension plans, mortgage services, real estate services, real estate development, and money services. BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”). BCFSA has a mandate to instill confidence in the financial services sector by focusing on the safety and soundness of regulated entities and consumer protection.

  Media Contact: 

  Candace Jones 
  Director, Communications 
  [email protected]  
  Visit: www.bcfsa.ca