Rapid Response Protocol

What to do if you suspect a Client is a victim of a financial fraud scam

Last year, Canadians lost over $638 million to fraud-related scams. The current estimate is that only 5-10% of cases are reported, and the number of scams is growing.*

Beyond the numbers, these scams cause more than financial pain. They can create lasting damage to people’s self esteem, trust and dignity. For some, the emotional trauma can be devastating.

Our industry faces a challenge: how do we help Clients protect themselves?

We’re taking action to navigate this challenge together. Clients aren’t in this alone – and neither are you. Your hard work helps Clients build lifetime financial security. Now you can also play a role in helping them protect themselves from scammers.

How we’re supporting you and Clients: new rapid response protocol

Our teams are ready to jump into action for Clients if they’re affected by suspected fraud. We’ll give them 1:1 support every step of the way:

• We’ve developed a rapid response protocol for a fast, coordinated effort across our teams.
• After you’ve followed your organization’s normal process for Clients who may be in a vulnerable situation, you have another line of support.
• Client Advocacy will activate our rapid response protocol as soon as you, a Client, an authorized third party, or one of our internal teams reports that a Client may be at risk of exploitation through a financial fraud scam.

Clients can trust that we’ll treat their experience with care and compassion. They’ll have a voice in the process and a dedicated Client Advocate to guide them.

Our fraud risk management, compliance, legal, and risk teams will support you and Client Advocacy. We’ll also:

• take the lead on reporting to regulators,
• decide whether we need to restrict a Client’s account to protect their assets, and
• support them if they’re at risk of self harm.

We’ll work closely with law enforcement if needed, and support communication between you, the Client, their trusted contact and their power of attorney.

A suspected fraud may turn out to be a legitimate action. That’s why we’ll treat each case with sensitivity to preserve the trust that you’ve built with Clients.

Recognize, Reject, Report: Resources to Help

Over 95% of Canadians are now online. Social engineering, globalized crime and new technologies mean scams are becoming more complex.

As fraudsters become more creative and sophisticated, it’s best to be proactive. A quick response is often an important part of containing the amount of damage a fraudster can cause.

The Canadian Anti-Fraud Centre, in partnership with intelligence and law enforcement agencies, are focused on equipping Canadians with knowledge. Their 2025 Fraud Awareness Toolkit includes:

• tips to recognize fraud,
• the most common types of fraud, and
• practical advice to protect against it.

For example, their one-page tip sheet on Investment scam recovery pitches reveals how this common tactic can target previously-scammed individuals. Not all of the risks are intuitive, like search engine optimization and planting malware during a routine service visit. However, many risks may be preventable with the right awareness.

We’ve summarized the most important information for financial services fraud scams in our one-page guide.

It could happen to anyone: case studies

Trust has always been at the core of your relationship with Clients. When Clients feel comfortable coming to you with personal matters, or picking up the phone when something doesn’t feel right, you’re adding to their defense strategy.

Common risks include social isolation, advanced age or cognitive challenges, unfamiliarity with a country’s legal or regulatory norms, financial desperation, or limited experience with being online.

There have also been several high-profile cases that involved none of these risks. That’s why it’s important to stay vigilant and keep an open mind about where you might spot signs of fraud.

Case study #1: Emotional manipulation – romance scams

Scenario: Miranda was a young widow supporting herself with the proceeds of her late husband’s life insurance.

Red flag: Her advisor was concerned when Miranda started making large withdrawal requests, especially because she had already confirmed that she wouldn’t need the investment income for another six to 12 months.

When her advisor checked in, Miranda confirmed that she needed the money to support a new relationship with someone located overseas, but assured him that everything was fine.

As more withdrawal requests came in, her advisor became more apprehensive. He decided to contact us to make sure Miranda was okay.

Investigation: Miranda’s advisor and Client Advocacy took the lead. With the support of our compliance and fraud risk management teams, we used financial analytics to discover that Miranda’s new partner was linked to three other financial fraud scams. The backstory of being a U.N. surgeon in need of travel money also didn’t line up based on where the U.N. was publicly stationed at the time.

Resolution: Miranda agreed to a meeting with her advisor and our team. She understood why we made the decision to temporarily pause withdrawals on her account until we knew more. Together, we determined a way to ensure she could still access her account for paying bills and other support.

Once her scammer was locked out of receiving more money, they disappeared. Miranda, who was already experiencing grief over the loss of her husband, was hurt. But preventing financial distress and further deception protected her from additional pain.

Case study #2: Taking precautions and preserving trust

Scenario: Marcus has a great relationship with his advisor. They’ve built a solid plan and meet regularly to check in.

Red flag: Over several weeks, Marcus began requesting multiple withdrawals from his registered savings. The amounts weren’t large, but inconsistent with his financial plan. They might even jeopardize his goals. Marcus was also very closed about sharing why he wanted the money.

After several withdrawals and no further information, his advisor needed to be certain that Marcus wasn’t involved in a financial fraud scam. He contacted us with his concerns.

Investigation: In partnership with Marcus’s advisor, we learned the reason behind the withdrawals. Marcus wasn’t falling victim to a scam—one of his close friends had been diagnosed with cancer and was seeking treatment in the U.S. Marcus was using his savings to loan his friend money to help.

Resolution: While Marcus didn’t want to share that he was helping with his friend’s medical bills, he understood why his advisor felt the need to check up on him. 

Case study #3: Helping Clients protect themselves from threats: financial coercion and bribery

Scenario: Anya contacted us and requested to withdraw 95% of her group RRSP. She wanted the funds as soon as possible.

Red flag: At 68 years old, Anya was making a big withdrawal close to when she’d need to start relying on her retirement income. This was also an anomaly based on the financial plan she’d built with her advisor.

Investigation: Our Client Care Centre processed Anya’s request, but not long after, she came back to us to clarify her tax situation. It was at this point that Anya confided she’d been the victim of financial bribery.

Resolution: Once we learned what was going on, we had a dedicated team member from Client Advocacy guide Anya. She was embarrassed and vulnerable, but she was very grateful that she was no longer alone in her ordeal. The funds had already left Sun Life, which often means the money is unrecoverable. Thankfully, in this case our team managed to find a way to reverse her withdrawal to minimize the damage to Anya’s finances and wellbeing.