Dave Ramsey says firm owes retiree $45K after her retirement account was hacked — what Canadians need to know

She hadn’t.

During a call to The Ramsey Show, Jean, 84, discovered that someone had stolen her identity to open a chequing account at another bank. The scammers then used that fraudulent account to electronically link to her wealth management account and drain US$45,500 (C$61,400) from a balance of US$169,790 (C$229,200). By the time the firm attempted to reverse the transaction, the money was gone.

“I think that’s on them,” Dave Ramsey said on the show, pointing out that it was the firm’s own systems that were compromised.

Ramsey went further, noting that the firm had apparently allowed someone to change Jean’s email address and linked bank account — sensitive security details — without triggering any verification with the actual account holder.

“Cybersecurity at a minimum is horrible at this company,” Ramsey added.

What Canadian law and regulations actually say

While this incident occurred in America, Ramsey’s instinct — that the firm bears responsibility — aligns with Canadian regulatory expectations. In Canada, investment dealers and mutual fund dealers are overseen by the Canadian Investment Regulatory Organization (CIRO), the national self-regulatory organization formed in 2023.

CIRO’s 2026 Annual Compliance Report makes clear that dealers are required to report cybersecurity incidents that meet certain criteria and to implement necessary controls to protect their clients. The report specifically warns of an increase in incidents involving third-party service providers and encourages dealers to review whether they have the necessary controls in place to protect clients, client information and assets, as well as their own critical operating systems.

Beyond cybersecurity obligations, CIRO’s know-your-client (KYC) rules and client identification requirements (IDPC Rule 3200) require investment dealers to verify client identity and take reasonable steps to confirm the accuracy of account information. That means a firm that allows sensitive security details — an email address or a linked bank account — to be changed without direct verification from the account holder may have fallen short of its regulatory obligations.

In Jean’s case, if her wealth management firm allowed someone to change those credentials without confirming the request with her directly — and then released funds to the new account — it may have created grounds for a demand for reimbursement.

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What to do if this happens to you

Ramsey’s first directive to Jean was clear: before doing anything else, call the firm to confirm the remaining balance is secured. Then demand reimbursement on the grounds that the account was compromised through the firm’s own security failure.

For Canadians, if the firm resists, the next step is to file a complaint with the Ombudsman for Banking Services and Investments (OBSI).

OBSI is Canada’s independent, free dispute resolution service for consumers who can’t resolve a complaint directly with their investment firm or bank — there are no filing fees and no complex legal process to start. OBSI investigates complaints about unauthorized transactions and fraud and, where a complaint has merit, can recommend compensation of up to C$350,000. The process typically resolves within 180 days.

Canadians also have the option of filing a complaint directly with CIRO, which can investigate possible violations of dealer rules and impose disciplinary action.

For broader identity theft reporting, the Canadian Anti-Fraud Centre (CAFC) maintains an online reporting portal at antifraudcentre-centreantifraude.ca.

A growing crisis for older Canadians

Jean’s situation is not isolated. It is part of a pattern that is accelerating — and for Canadians, that falls hardest on the older generation.

According to the CAFC’s 2025 Annual Statistical Report, Canadians reported C$704 million in fraud losses in 2025 — nearly four times the $165 million recorded in 2020. Identity fraud was the most reported type, at 8,403 incidents, followed by investment scams at 4,409. However, because most fraud goes unreported, the CAFC estimates that those figures represent only 5 to 10% of total actual losses, suggesting the real toll could reach into the billions.

Canadians aged 60 and older are a prime target for fraudsters. An additional report from the CAFC found that this demographic absorbed 40.3% of all reported dollar losses in 2024 — despite representing roughly 23% of the population. Their average per-victim loss was C$21,604, about $3,000 higher than the national average across all age groups.

As Ramsey and co-host Jade Warshaw noted on the show, whoever targeted Jean had enough of her personal information to open a new bank account, locate her wealth management firm and successfully link the two. That level of access suggests the threat to her other accounts may not have been over.