Important Security Notice: Be aware of unauthorized individuals falsely offering Term Deposits/GIC on behalf of Alterna Bank and Alterna Savings.

We wanted to make you aware of an ongoing GIC scam involving fraudsters claiming to sell GICs on behalf of Alterna Savings or Alterna Bank. They are contacting potential victims with the objective of stealing personal information and funds.

How to Protect Yourself

• Do not respond to unsolicited calls, emails, or text messages offering Alterna Bank or Alterna Savings Term deposit/GICs

• Never engage with or share personal or financial information with unsolicited contacts.

• Avoid clicking on links in suspicious messages.

• If you are unsure about an offer you receive, contact us directly at 1.866.560.0120 or visit any branch

The Financial Services Regulatory Authority of Ontario (FSRA) is also warning consumers about fraudulent documents. Learn more.

Avoiding Scams

Fraudsters continue to evolve their tactics and use new technologies to make scams appear legitimate. Understanding common scams and knowing what warning signs to look for can help you protect your personal and financial information.

If it seems too good to be true, it probably is

Scammers may:

• Use professional-looking  websites, advertisements, or social media to appear legitimate.

• Give you  money to earn your trust.

• Pose as buyers, sellers, employers, government officials, financial institutions or trusted organizations.

• Create a false sense of urgency to encourage quick decisions.

• Offer investment opportunities that promise unusually high or guaranteed returns

• Claim there is a problem with your account, device or personal information that requires immediate action

• Claim an urgent payment is required and instruct you to send gift cards, cryptocurrency or funds immediately
  

Advice for Members

Pause and Verify

Before responding to any unexpected request for money, personal information or account access, take a moment to verify the request using a trusted contact method. Fraudsters often rely on urgency to prevent people from stopping to think.

Looking for additional fraud prevention tips? The Competition Bureau’s Little Black Book of Scams provides practical guidance on recognizing and avoiding common scams targeting Canadians.

Create a Family Verification Phrase

Consider creating a private phrase or code word with family members that can be used to verify identity during emergencies or unexpected requests for money.

A simple step like this can help protect against impersonation and voice-cloning scams.

Common Fraud and Scam Types

Identity and Impersonation Fraud

Criminals may pretend to represent financial institutions, government agencies, law enforcement or other trusted organizations to gain access to your accounts or personal information. To learn more about current scams affecting Canadians, visit the Canadian Anti-Fraud Centre, which provides fraud alters, prevention tips and reporting information.

SIM Swap Fraud

Fraudsters may attempt to transfer your phone number to a different SIM card, allowing them to intercept calls, text messages and security codes.

If your phone unexpectedly loses service or you notice suspicious account activity, contact your mobile provider and Alterna immediately.

Interac e-Transfer Fraud

Be cautious of unexpected e-Transfer requests, unusual payment instructions or requests that create a sense of urgency.

Always verify payment details before sending funds.

Investment and Cryptocurrency Scams

Fraudulent investment opportunities often promise guaranteed returns with little or no risk.

Take time to research any investment opportunity independently before providing money or personal information. Be cautious of advertisements or social media posts that use recognizable individuals or organizations to promote investments.

Employment Scams

Fraudulent job postings may be used to collect personal information or request payment for training, equipment or administrative fees.

Research employers independently and be cautious if you are asked to send money during the hiring process.

AI-Generated Scams

Artificial intelligence (AI) can be used to create convincing emails, text messages, images, videos and voice recordings that appear to come from trusted individuals or organizations.

AI-Generated Emails and Text Messages

• Be cautious of unsolicited messages requesting personal information, money or account access.
• Verify requests using a separate and trusted contact method.
• Never share passwords, PINs, card numbers or one-time passcodes in response to an unsolicited request.

Deepfake Video Impersonation

AI technology can be used to create realistic videos that appear to show trusted individuals or organizations requesting money or sensitive information.

Always verify requests through an independent and trusted channel before taking action.

Voice-Cloning and Family Emergency Scams

Fraudsters may use AI-generated voice technology to imitate a family member or friend and create a sense of urgency.

• Remain calm and avoid acting immediately.
• Ask questions that only the real person would know the answer to.
• Use your family verification phrase if you have established one.
• Contact the person directly using a phone number you already know. 

For additional information on how artificial intelligence is being used in fraud and how to recognize AI-generated scams, visit the Canadian Bankers Association's AI-Generated Scams resource.

Emerging Scams

QR Code Scams

Fraudulent QR codes may direct you to websites designed to steal personal, banking or payment information.

Fake Technical Support Scams

Fraudsters may falsely claim there is an issue with your device, software or account that requires immediate action.

• Never provide remote access to your device following an unsolicited request.
• Do not install software at the request of an unknown caller.
• Contact the company directly using contact information from its official website.

What to do if you suspect a scam:

If you believe you may have shared personal information, banking credentials or funds with a fraudster:

Report the incident to your local police department or the Canadian Anti-Fraud Centre using the following contact information:

Phone 1.888.495.8501

Reporting Website: Canadian Anti-Fraud Centre reporting website

Learn More About Fraud Prevention

Looking for more information? These trusted resources can help you stay informed and protect yourself from fraud.

• Canadian Anti-Fraud Centre: Learn about current scams affecting Canadians, report fraud and access prevention resources.
• The Little Black Book of Scams (Competition Bureau Canada): A practical guide to recognizing and avoiding common scams.
• AI-Generated Scams  (Canadian Bankers Association): Learn how fraudsters are using artificial intelligence and what you can do to protect yourself.