Learn How to Protect Yourself from Fraud with BCFSA’s Help

As the provincial regulator for the financial services sector, BC Financial Services Authority (“BCFSA”) is in recognition of Fraud Awareness Month is looking to help educate you on some of the ways you can protect yourself.

Preventing fraud is a collective effort with many parties involved, from regulators to financial institutions, to frontline staff and professionals, and members of the public. Exercising caution and using some of the tools BCFSA has on our website can be one step that can help you assess your financial transactions for potential fraud.

What Is BCFSA’s Role in Helping Prevent Fraud

BCFSA licenses, educates, and regulates the financial services sector to help protect you in some of the big and small financial transactions of your life, whether you are buying a home, or depositing money at your credit union.

For example, licensed real estate professionals have a duty to act in the best interests of their clients – and to stay up to date on fraud prevention practices. BCFSA administers continuing education for real estate licensees and enforces the provincial rules and regulations to ensure B.C. licensees are acting within their legal obligations.

Working with Licensed Professionals

Working with licensed individuals and organizations is an important step in protecting yourself from fraud as they are held to a high standard. BCFSA maintains and provides easy-to-use search tools that anyone can use to make sure you’re working with licensed and regulated professionals.

Find a licensed professional or business when deciding to buy or sell a home.

Find a mortgage broker or submortgage broker on our website.

Use our search function to make sure you are banking with a B.C.-authorized credit union.

BCFSA authorizes insurance companies to operate in B.C. Use our tool to find an authorized company.

Search for regulated trust companies and registered pensions on the BCFSA website.

Consumer Due Diligence

Practicing due diligence as a consumer should include steps like keeping your passwords and personal information private, verifying the identity of professionals who reach out to you by text, email, or phone, and saying no if you feel pressured or need more time to make a decision.

Find more consumer tips to protect yourself from real estate fraud on our website or read about the importance of using B.C.-authorized credit unions.

You may also stay informed by:

• Learning more tips to protect yourself from the Canadian Anti-Fraud Centre.
• Check the dedicated pages maintained by the BC RCMP and the Government of Canada.

If you or someone you know has been a victim of a scam, report it to the local police, as well as the Canadian Anti-Fraud Centre.