OBSI / OSBI
@Ombudsman_OBSI
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The Ombudsman for Banking Services and Investments is Canada's trusted independent dispute-resolution service for banking services and investment complaints.
Joined January 2017
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While seniors represent less than a third of the Canadian population, they accounted for 38% of the complaints that OBSI received over the two-year period investigated in our 2019 Seniors Report.
Read more about the challenges seniors may face when dealing with financial firms.
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June is Seniors' Month. OBSI's Seniors Report was published last year and highlights the different challenges seniors experience with the financial services they use compared to younger Canadians.
Click to learn more.
#seniorsmonth
#ombudsman
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November is Financial Literacy Month. We'll be posting tips throughout the month - follow us to learn more!
#FLM2021
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Cases brought to OBSI by consumers from lower- and middle-income households are as likely to be resolved in their favour, and for as much financial compensation, as cases brought forward by those from higher-income households.
Click to read more on our report.
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Click to find out more about how OBSI's complaint process works and what you can expect from our office.
#ombudsman
#finlit
#OBSIonline
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We know that this is a difficult time for many Canadians. That's why we're sharing our tips for effectively resolving a complaint with your financial institution.
Read our recommendations here:
#OBSItips
#ombudsman
#financialliteracy
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Everyone is a potential victim of fraud and should take steps to protect themselves and their loved ones. Our latest case study describes a text message scam and how OBSI worked to resolve the consumer's dispute with their bank.
Read more here:
#finlit
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It is your responsibility to verify your account statements and notify your bank immediately if you notice any unauthorized activity.
That's what the consumer in our latest case study did - read more about his case here:
#finlit
#OBSIcasestudy
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Our Case Studies are examples of the variety of cases we investigate and common outcomes that we find. You can read more about how your complaint might be handled by our office by looking at our website.
#financialcomplaint
#ombudsman
#finlit
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Do you have an issue with your bank or investment firm that you are unable to resolve on your own? Learn more about how to complete the first step of the OBSI complaint process in our video.
#finlit
#ombudsman
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Contact our office if you have escalated your complaint within your bank or investment firm and have not received a response after 90 days.
#OBSIonline
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Do you have a question about how OBSI works or what you can expect from the complaint process? Check out our FAQs to find your answer.
#financialcomplaint
#financialliteracy
#OBSIonline
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We have seen a significant increase in complaints related to cryptocurrency scams:
#FraudChat
#WEAAD2023
#SeniorsMonth
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OBSI Board welcomes Canadian government’s decision to establish a single ombudsman for banks. Read more here.
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Can OBSI help you with your financial services complaint? Visit our website to find out:
#consumerhelp
#OBSIonline
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We loved having
@DrKatyKamkarin
in our office to discuss Mental Health & Work Life Balance, Healthy Coping & Resiliency today. Thank you for the helpful tips and engaging conversation!
Identifying Work Stress, discussing Mental Health & Work Life Balance, Healthy Coping & Resiliency with The Ombudsman for Banking Services and Investments (OBSI) Thank you
@Ombudsman_OBSI
for warm Welcome & Invite and being such devoted team!
@CmdrAmericas
@CAMHnews
@AnxietyBC
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This year, we celebrate one of our biggest milestones to date — 25 years of service and a demonstrated track record for inspiring confidence in Canada’s financial services sector. Read our 2020 Annual Report here.
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From the beginning, OBSI's vision has been to help to build fairness, effectiveness, and trust in the financial services sector. The need for accessible, independent ombudsman services that serve the public interest is more important than ever.
Read our anniversary report here.
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Unfortunately, not all frauds are committed by strangers. Click to read our latest case study dealing with "familiar fraud":
#finlit
#ombudsman
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Use the Find Your Firm tool on our home page to see if your financial institution is one of OBSI's participating firms. Click here to search:
#finlit
#ombudsman
#complaint
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March is
#FraudPreventionMonth
. We'll be posting tips and info about common fraud tactics and how you can protect yourself and your finances all month long.
#FPM2020
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It's easy to bring your complaint to OBSI. Our 60 second video explains the process and how we can help you.
#finlit
#ombudsman
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A2: Beware if you are told an investment is only available to a lucky few and are asked to keep the investment secret. Keep in mind that most legitimate investments are readily available to the general public and are subject to regulations.
#FraudChat
#FPM2021
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Our Consumer Resources page includes links to websites for those looking for more information about consumer protection, financial literacy and resources for seniors.
#seniorsmonth
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Our latest case study talks about what happens when a firm offers a significantly lower amount than what OBSI has recommended after completing an investigation.
Read more about this case here:
#OBSIcasestudy
#finlit
#suitability
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Even seniors who are comfortable with online banking are more vulnerable than younger clients because they may not be as aware of the security measures they need to protect their interests.
Find out more in our 2019 Seniors Report:
#financialcomplaints
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Avoid sharing personal information online. Remember: your financial institution will never ask you for your password or other account information.
#FraudChat
#WEAAD2023
#SeniorsMonth
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A2 : Les investissements non liquides à risque élevé ne conviennent pas aux consommateurs semi-retraités ou retraités à risque faible à modéré possédant des actifs financiers limités, qui se fient à leurs investissements pour compléter leur revenu de retraite.
#SmartInvestor
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Q2: There are many signs to watch for, like a senior sending money repeatedly or in large amounts to a person, firm or place you do not recognize.
#COVIDFraudChat
#SeniorsMonth
Q2: What are the signs of financial elder abuse and how can we protect older Canadians during the COVID-19 pandemic?
#COVIDFraudChat
#SeniorsMonth
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Today is World Elder Abuse Awareness Day. It's important to recognize the signs that indicate if a senior you know is vulnerable. A helpful guide for detecting financial mistreatment from
@lautorite
: .
#seniorsmonth
#WEAAD
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Do you know the three red flags to look out for to avoid investment fraud?
@tylerfleming
from
@OSC_News
shares how to better protect yourself with
@amberkanwar
on
@BNNBloomberg
's Your Money Month
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The
@OSC_News
@smarter_money
telephone townhall is tonight. OBSI will be attending along with
@IIROCinfo
and
@MFDA_News
to answer your questions about how to protect yourself from investment scams.
Register by noon to call in:
#FLM2019
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Never send money or cryptocurrency to a stranger or someone you have not met in real life.
#FraudChat
#WEAAD2023
#SeniorsMonth
Q4: What can you do to protect yourself and your loved ones against fraud?
#WEAAD2023
#FraudChat
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March is Fraud Prevention Month. We'll be posting tips and info about common fraud tactics and how you can protect yourself and your finances all month long. Follow us!
#FPM2024
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If you see a charge to your credit card or your account that you don't recognize, make sure to contact your financial firm immediately. Click to see if your financial institution is an OBSI participating firm.
#fraudpreventionmonth
#FPM2021
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A3: If your bank warns you of potential fraud, stop and think. Banks see a lot of scams and know the warning signs.
#SmartInvestor
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If you are ever asked to refund money to someone, be extremely vigilant. It is likely a scam. Never agree to deposit a check and wire transfer money back anyone or forward funds to a third-party.
#FraudChat
#FPM2022
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A1: Overpayment scams and romance scams are some of the most common forms of fraud that OBSI sees.
#FraudChat
#FPM2021
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Ombudsman and CEO Sarah Bradley was speaking about OBSI's plain language initiative at the
@OmbudsForum
FCO-ACCUO 2019 conference this morning. Thank you to the organizers for putting on a great event!
#accessibility
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OBSI's Q2 newsletter is out now. Read our latest case study, consumer bulletin about DSCs and our notice of upcoming independent evaluations.
#finlit
#ombudsman
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A1: Fraud complaints typically fall into one of two categories: fraudulent transactions that were not authorized by the consumer and transactions that the consumer authorized (scams).
#FraudChat
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The
@canantifraud
reported around 300 complaints in 2016 and 2017 about credit card scams claiming to lower the interest rate.
@cbcmarketplace
investigated this method of collecting personal information from unsuspecting people. Read more here:
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We'll be posting tips and info about common fraud tactics and how you can protect yourself and your finances all month long. Follow us!
#FPM2023
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#TBThursday
to the
@CCElderLaw
@BCLawInstitute
#elderlaw2019
conference in BC last week.
OBSI's Ombudsman and CEO, Sarah Bradley, spoke about how we can help seniors and the issues they face with financial services. Thanks for hosting a great event!
#FLM2019
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In a significant development today, it was announced that OBSI has been selected as the single external complaints body for Canada. Read our news release here.
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Learn about OBSI's complaint process and what you can expect from every step along the way.
#finlit
#OBSIonline
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Is your financial institution a participating firm with OBSI? Find out using our online tool on our homepage:
#OBSIonline
#financialcomplaint
#ombudsman
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It's important to understand the benefits that your credit or debit card holds for you. While fraud protection may exist, knowing exactly what that covers is your responsibility.
Read one of our case studies on the subject here.
#FPM2020
#fraudpreventionmonth
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A4: Investors should always confirm the accuracy of their Know-Your-Client (KYC) information and read their disclosure documents carefully and ask questions to be sure they understand them.
#SmartInvestor
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Part of financial literacy includes understanding the options available to you should you have a complaint about your financial institution. Take a minute to learn about how OBSI can help you.
#finlit
#ombudsman
#IEM2021
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We'll be posting tips and info about common fraud tactics, information for seniors and how you can protect yourself and your finances all month long. Follow us!
#FraudChat
#WEAAD2023
#SeniorsMonth
Q5: Where can people get more information to report and prevent fraud and financial elder abuse?
#WEAAD2023
#FraudChat
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Beware if you are told an investment is only available to a lucky few and are asked to keep the investment secret. Keep in mind that most legitimate investments are readily available to the general public and are subject to regulations.
#FraudChat
#WEAAD2023
#SeniorsMonth
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A2: If a fraudster says that an investment is a “special” arrangement and it’s not being sold through an investment firm, then you should steer clear.
#COVIDFraudChat
#InvestorEducationMonth
#IOSCOWIW2020
#CSAM2020
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A2: We have seen a significant increase in complaints related to cryptocurrency scams:
#FraudChat
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Our bulletin on common scams outlines various types of fraud we see in cases that we investigate, and what you should do if you've been a victim of a scam.
#fraudpreventionmonth
#FPM2021
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A2: Fraudsters may impersonate someone you know in the hopes that you’ll want to help them, such as in the grandparent scam:
#FraudChat
#FLM2023
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If you're considering doing some DIY investing with an online broker, make sure you understand the trades you are making. Read our case study about a consumer who alleged that her online investing app misled her.
#finlit
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You should never share or give others access to your bank account information. If you do, your account information could fall into the wrong hands and leave you the victim of fraud. Read our case study here:
#FPM2021
#fraudpreventionmonth
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OBSI staff were excited to attend
@RyersonNIA
's event on Ageing and the Economy yesterday. Thanks for having us!
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Financial Literacy Month is almost over but
@smarter_money
has some great resources, including their new YouTube videos about RRSPs and TFSAs. Read their latest newsletter to learn more:
#FLM2019
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Being aware of the potential risks and understanding your role in protecting yourself from financial fraud is essential in today's digital age. This piece by
@rcarrick
gives more details on what we're seeing at OBSI.
#FLM2023
As much we talk about financial fraud, too many people are getting sucked in
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Thanks to Kevin Beatson and Heather Wahl from
@HorizonsETFs
who came to speak with us today about the ins and outs of ETFs and their common issues. Very informative session!
#investments
#finlit
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A2: If a fraudster says that an investment is a “special” arrangement and it’s not being sold through an investment firm, then you should steer clear.
#COVIDFraudChat
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Bringing your complaint to OBSI is easy. If your financial services firm has had a chance to review your complaint and you're not satisfied with their response, fill out our online form to get started.
#COVIDFraudChat
Check out the ‘How IIROC protects investors brochure’! IIROC-regulated firms must share this brochure with new and existing retail clients upon request.
#COVIDFraudChat
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We'll be posting tips and info about common fraud tactics and how you can protect yourself and your finances all month long. Follow us!
#fraudpreventionmonth
#FPM2021
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Join the
@smarter_money
money
#CovidFraudChat
at 1pm today to learn more about how to protect yourself from common forms of fraud and scams. Follow the hashtag this afternoon to find out more.
World Investor Week (WIW) Objectives are to disseminate key messages that further investor education, investor protection and financial literacy, and to foster learning opportunities for investors.
#WorldInvestorWeek
#IOSCOWIW2020
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Thanks to
@smarter_money
for hosting this
#COVIDFraudChat
and to all the other partners in the chat! Follow the hashtag to see all the responses to the conversation today.
Great COVID-19 fraud prevention tips from
@canantifraud
@CanAgeSeniors
@CdnBankers
@DRPS
@EAPreventionON
@IIROCinfo
@MFDA_News
@Ombudsman_OBSI
@OttawaPolice
@FraudOttawa
@ReganFCU
@DKellyFCU
@TPSFCU
#COVIDFraudChat
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Life gets busy and reviewing your account transactions might not seem like a priority. But make it a habit to look at your account activity regularly - it can help you catch an issue before it's too late.
#FLM2019
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OBSI is an alternative to the court system. We provide a free service, a quicker outcome and a less formal process. Learn more about how we work.
#ombudsman
#finlit
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A4: To effectively protect yourself from financial fraud, it is crucial to be aware of the common pitfalls that fraudsters exploit:
#FraudChat
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A1: Our bulletin on common scams outlines various types of fraud we see in cases that we investigate, and what you should do if you've been a victim of a scam.
Read it here:
#COVIDFraudChat
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A4: Visit our Consumer Resources page for links to helpful websites and other useful information for Canadians at all life stages.
#FraudChat
#FPM2021
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November is Financial Literacy Month. We'll be posting a tip every day - follow us to learn more!
#FLM2019
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0
5
Part of financial literacy includes understanding the options available to you should you have a complaint about your financial institution. This
#LiteracyDay
, take a minute to learn about how OBSI can help you.
#finlit
0
0
5
@smarter_money
A1: Overpayment scams and romance scams are some of the most common forms of fraud that OBSI sees.
#COVIDFraudChat
#InvestorEducationMonth
#IOSCOWIW2020
#CSAM2020
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A5: OBSI can investigate a wide range of complaints. If your financial institution is a participating firm, they have 90 days to review your complaint. Once you have received a final response from them in writing, you have 180 days to bring it to us.
#COVIDFraudChat
Q5: What should people do if they suspect a
#COVID19
scam, or if they have questions about their finances?
#COVIDFraudChat
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It's easy to bring your complaint to OBSI. Our 60 second video explains the process and how we can help you.
#finlit
#ombudsman
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1
5
Do you have a complaint about a financial product or issue? Read our tips for help on how to resolve a complaint with your bank or firm as quickly and effectively as possible.
#finlit
#ombudsman
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Les fraudeurs peuvent se faire passer pour quelqu'un que vous connaissez dans l'espoir que vous voudrez les aider, comme dans l'arnaque des grands-parents :
#FraudChat
#WEAAD2023
#SeniorsMonth
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June is
#SeniorsMonth
! OBSI's Seniors Report highlights the different challenges seniors experience with the financial services they use compared to younger Canadians.
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#DYK
fraud was the overall leading issue for banking complaints in 2021, making up a large portion of the complaints involving credit cards, personal accounts, e-transfers and wire transfers, and 22% of OBSI’s total banking case volume. Read more in our 2021 Annual Report.
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Financial Literacy Month starts tomorrow! Lots of great events from
@OSC_News
and
@smarter_money
ongoing throughout November.
OBSI will be attending the TeleTownhall on November 19 - register here:
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It is important for everyone, but especially seniors, to plan ahead for how their finances will be taken care of if they need help. Our case study explains how we investigated a complaint involving a senior with early signs of dementia.
#SeniorsMonth
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If you want to be sure your investment is real, then contact your investment advisor to find out.
#COVIDFraudChat
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6
5
Ensure that the information you are reading online comes from verified websites. Check out our Consumer Resources page for sites that can help you learn how to protect yourself from fraud.
#fraudpreventionmonth
#FPM2021
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Reviewing your account regularly can help you avoid a variety of difficult situations. Being able to identify an unusual transaction is the first step. Read our case study about a consumer who had cheques stolen, and learn more about how to prevent fraud.
#FPM2020
0
5
4
If you're considering doing some DIY investing with an online broker, make sure you understand the trades you are making. Read our case study about a consumer who alleged that her online investing app misled her.
#finlit
#ombudsman
1
2
4
The latest newsletter from
@OSC_News
comes right on time to help with your RRSP contribution decisions. Check out their calculator tools, learn about some TFSA misconceptions and how to avoid investment fraud.
Read the just-published issue of
#InvestorNews
: Money Decisions; RRSPs; New RRIF Withdrawal Calculator;
@IIROCinfo
's Andrew J. Kriegler; Active vs Passive Investing; TFSA Misconceptions; Real Estate
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We'll be participating in the
#FraudChat
on Thursday. Join us on March 9 at 1 p.m. to learn more!
#FPM2023
March is Fraud Prevention Month. Join our
#FraudChat
on March 9 at 1 p.m. ET to Get Smarter about Fraud. You'll see tips from law enforcement, regulatory partners and more to help you spot the red flags of fraud.
#FraudChat
and
#FPM2023
.
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Overpayment scams occur when a person selling an item online is given more money by the buyer and then asked to return the difference. The overpayment was counterfeit and the victim can’t get the difference back.
#FraudChat
#WEAAD2023
#SeniorsMonth
1
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A3: Never send money to someone unless you are 100% sure who you are sending it to. Call the recipient before approving the transfer to double check they have made the request themselves.
#FinLitChat
#FLM2020
0
5
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A3: When you meet someone online, do your research. Often an online search can verify the identity of the person or company you are dealing with.
#FinLitChat
#FLM2020
0
4
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OBSI is a free service for Canadians who have an unresolved complaint with their financial services firm. We are an alternative to the legal system and work to find a fair outcome between consumers and firms. Read more:
#ChewOnThis
#EndPoverty
@CWP_CSP
0
4
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A2: Beware if you are told an investment is only available to a lucky few and are asked to keep the investment secret. Keep in mind that most legitimate investments are readily available to the general public and are subject to regulations.
#COVIDFraudChat
#InvestorEducationMonth
0
3
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Have you read the latest OBSI newsletter? Find it here, along with our past newsletters, available in our news feed.
#finlit
#ombudsman
0
1
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A3: Investment advisors must be licensed and any investment product they sell must be approved by the investment firm they work for. Before purchasing any investment, confirm that it has been approved by your advisor’s firm.
#FraudChat
#FPM2021
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