Feb 24, 2026
Earlier today, I missed a phone call from a number I did not recognize, and a voicemail was left, that, at first, sounded urgent and official:
“Hello. This is an automated call from Wealthsimple stocks and cryptocurrency support centre,” the message began.
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“We are calling as we have detected a new email change and crypto cold storage wallet preparing to withdraw assets and want to confirm if it was made by you. If it was you, ignore this call. If it was not you, press 2 and you will be connected to a member of our live support team.”
The message did strike me as a bit odd. I’ve never heard of a crypto cold storage wallet. But it mentioned my investments and that I’m a newer customer of Wealthsimple, so I was concerned. I reached out to the company directly by using the chat feature on their official website.
Their support team confirmed what I suspected: the call was not from them. They asked if I had interacted with a phony representative in any way or gave any personal information. I had not. They told me to ignore similar calls and texts moving forward.
They also reminded me of some important points about how their support works and how to spot scams. In their words, they said Wealthsimple will never:
- Ask you to share your password or two-factor authentication code
- Request personal info or money through social media or messaging apps
- Recommend specific stocks, securities, or cryptocurrencies
- Ask you to transfer funds using crypto or digital assets
“When contacting us, you should only use contact options published on our website or through our app,” their website says (1). “Protecting your account is our top priority.”
In other words, had I returned the call and pressed 2 to speak to a representative, as the voicemail advised, I would not be reaching Wealthsimple, but rather, I’d be talking to scammers.
Personal experience meets real numbers
I was lucky. I didn’t press anything on my keypad or share any details. In fact, by practice, I completely ignored the call from a number I didn’t recognize. But I was shaken enough to reach out to Wealthsimple myself to make sure my accounts were secure. After all, I’ve heard more than a few stories of people having their bank accounts fraudulently accessed and emptied — and I do hope to retire some day.
According to Canada’s official government data, fraud in this country continues to grow. The Canadian Anti‑Fraud Centre (2) reports that:
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- Canadians lost $638 million to fraud in 2024. That’s a record high.
- Only about 5 to 10 per cent of fraud incidents are reported. This means the actual crisis could be much larger than the numbers suggest.
- More than 108,000 reports of fraud were made to the CAFC in 2024, and 34,621 victims were identified (3).
Another survey from TransUnion Canada (4) finds that 56% of Canadians said they were targeted by fraud attempts through email, phone or text in the second half of 2024. Of those, 9% said they fell victim to fraud, while 17% lost money as a result.
What’s striking in that data is the form these scams take. Phishing, which includes deceptive emails and messages meant to steal your information, was the most widely reported method. That’s followed by smishing (fraudulent texts) and vishing (fraudulent calls) — exactly what I experienced.
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How to protect yourself and your money
My experience highlights how scams are personal, targeted and sophisticated — they work because they can sound official. I ignored a call from a number I didn’t know (something I habitually do to avoid scams just like this), but the message was so believable and specific that I was immediately unnerved and unsure, so I had to reach out to Wealthsimple directly to clear things up. But there are clear rules you can follow to reduce your risk.
Trust but verify
If you get a call or message about your accounts, don’t use the contact information from that message — but best not to ignore it, just in case it was legitimate and your accounts are at risk. Instead, go to the official website or app and contact support from there. Scammers often spoof phone numbers to make their calls look real.
Know what legitimate institutions won’t do
As Wealthsimple reminded me when I reached out, legitimate financial institutions won’t try to get you to reveal any passwords or two‑factor codes. If someone asks for that, hang up immediately.
Report it even if you didn’t lose money
Because only a small fraction of fraud gets reported, it’s important to alert the authorities of these types of incidents, even if you caught and avoided the scam before you were victimzed. The CAFC has online reporting tools and phone numbers you can use to file a complaint.
Protect your data
Strong passwords, unique login credentials and up‑to-date security settings on your accounts and devices go a long way. If you think your information may have been exposed, freeze your accounts, change all your passwords and consider placing a fraud alert with credit bureaus.
You’re not alone
Financial fraud is a reality for many Canadians. Surveys show that the majority of people are targeted at least once. While not everyone falls victim, scammers are becoming more creative and persistent.
By staying alert, verifying everything and using official channels when you have questions, you protect not just your money, but your peace of mind. If it happened to me, it can happen to anyone.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Wealthsimple (1); Canadian Anti‑Fraud Centre (2); Insurance Institute (3); TransUnion (4)
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Leslie Kennedy served as an editor at Thomson Reuters and for Star Media Group, followed by a number of years as a writer and editor and content manager in marketing communications, before returning to her editorial roots. She is a graduate of Humber College’s post-graduate journalism program and has been a professional writer and editor ever since.
