In the short-selling, meme-stock, crypto-crazed world of investing, Guaranteed Investment Certificates (GICs) are supposed to be the safe, fairly boring bet. The payout may be moderate, but you’re not supposed to lose money.

Unfortunately, that’s not always the case as evidenced by a recent release from Peel Regional Police warning the public after would-be investors were duped into buying fake GICs.

“Between 2022 and 2024, the Fraud Bureau received multiple complaints from members of the public who were deceived by fraudulent websites that appeared to be held by legitimate Canadian financial institutions,” police said.

Investigators said victims performed online searches for GICs and were directed to counterfeit websites that looked just like legit banking sites.

Not realizing the sit

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