Fraudsters Faking FSRA Documents, Regulator Warns

Ontario’s insurance regulator, the Financial Services Regulatory Authority (FSRA), has issued a warning that fraudsters are using the regulator’s identity to encourage the public and company employees to shift funds into thieves’ bank accounts.

“FSRA is warning consumers and businesses to look out for fake or fraudulent documents using FSRA’s name, letterhead and logo,” the regulator announced Monday. “It recently came to our attention that FSRA’s name, letterhead and logo were added to documents suggesting that FSRA had endorsed the release of funds between individuals.

“Fraudulent documents mimic the style and look of legitimate correspondence, and may even include what appears to be signatures from organization officials, making them hard to distinguish from genuine correspondence. Scams using fraudulent documents can be harmful to consumers, leading to significant financial losses.

“If you see FSRA documents that are suspicious or are approached by someone claiming to represent FSRA, please contact FSRA directly and make a report.”

FSRA reminds people that current technology makes it easy to create legitimate-looking documents. Add to that fraudulent video and audio files produced by artificial intelligence, says Neal Jardine, the global director of cyber risk intelligence and head of claims at BOXX Insurance.

Criminals’ use of artificial intelligence to produce ‘deepfake’ media is playing upon the trust people have in each other and the companies with which they deal, Jardine recently told Canadian Underwriter.

“Deepfakes are insidious and erode public trust,” he warns. “And the damage they cause can be covered under a cyber insurance policy, in case brokers are wondering.”