Fraudsters get creative

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Brokers have come to expect warnings from FSCO about unethical behaviour in the mortgage industry, but this latest bulletin might just be a first.

Unlicensed companies have been dinged time and again for offering mortgage loans, but one entity has taken it one step further and claimed to offer loans from the regulator, itself.

“It has recently come to the attention of the Financial Services Commission of Ontario (FSCO) that consumers have received loan offers purported to have been issued by Gonzalez Thomson Financial Services and FSCO,” FSCO states in a recent release. “In order to secure the loan, consumers were asked to wire 600 euros to a bank.”

Of course, FSCO is a regulator and does not issue loans. It provided an example of the solicitations used by the company.

“Even though the correct FSCO address is indicated, agreements such as these are not legitimate documents from FSCO,” FSCO states. “If you believe you have received an unauthorized FSCO loan agreement, or want to report purported FSCO communication that may be a contravention of the law, you can send FSCO a copy, screen-grab or photograph of the document, along with its location and the date and time you received or viewed it … to”
  • Angela Wong-Liao - Invis on 2015-01-21 3:55:19 PM

    Wow! Fraudsters are getting real aggressive!

    I believe each of the license and ethical mortgage professional has the responsibility to police and monitor any unethical activity and reported to our regulator FSCO.

    Together, we have the power to protect consumers and the image of our industry.

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