Did you recently receive an email from a Canuck regulator? Be careful, it could be a scam attempt.

The Canadian Securities Administrators (CSA) has issued a warning to registrants about fraudulent emails impersonating CSA's Chair and Alberta Securities Commission's CEO, Stan Magidson. The scam emails are believed to be malicious phishing attempts seeking confidential information.

Canadian Securities Regulators Warn of Email Scam Targeting Registrants

The CSA reported on 21 February that unknown individuals have been sending emails posing as Magidson to registrants across Canada. The emails appear aimed at tricking recipients into providing personal details and business information.

“The CSA is monitoring this matter. The spear phishing Phishing Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno Read this Term attempts are from outside parties. No CSA system was breached,” the CSA commented.

⚠️We are warning registrants of emails impersonating the CSA Chair. The emails are believed to be malicious “spear phishing” attempts by unknown individuals who are trying to obtain personal information. We can confirm that no CSA system was breached. https://t.co/41asxKgBgz pic.twitter.com/El8leLw5ju

— CSA_News (@CSA_News) February 21, 2024

The CSA advises registrants to carefully scrutinize any unusual emails claiming to be from securities regulators. Specifically, recipients should check that the message comes from a legitimate email address and sender that can be verified. Registrants should also consider whether they were expecting the email, and if they know the claimed sender.

The CSA warned that any registrant who clicked links or opened attachments in a suspicious email should promptly change their password. Recipients who receive any dubious communications claiming to be from the CSA should report them to CSA-ACVM-Secretariat@acvm-csa.ca.

As the umbrella organization for Canada’s provincial and territorial securities regulators, the CSA works to harmonize regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term for capital markets across the country.

Scammers Impersonate Financial Regulators

It's not the first time, and likely not the last, that fraudsters have impersonated well-known financial market regulators to extract data and sensitive information. Just three weeks ago, Finance Magnates warned about individuals pretending to be from the UK's Financial Conduct Authority, contacting people with offers to help recover lost funds.

The Cyprus Securities and Exchange Commission has also been mimicked in the past, with its website being cloned in September last year and social media accounts in October.

The US Securities and Exchange Commission has issued warnings about impersonators as well. These fraudsters use various communication methods, including phone calls, voicemails, emails, and letters, to alarm individuals about unauthorized transactions or suspicious activities in their bank or cryptocurrency accounts.