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Customer info about financing scams


Customer information - Protect yourself against
illegal financing schemes

A type of fraudulent scheme using variations of names of reputable financial institutions is on the rise. While we are working with industry and law enforcement authorities to shut down such illegal operations, the following information has been prepared to help customers recognize a fraudulent scheme and take the appropriate steps to protect themselves.


Advertisements have been placed in newspapers promoting pre-approved loans and mortgages or unusually high interest rates for investment products. Other fraudulent attempts include telephone calls and emails sent in order to solicit business on the strength of RBCs' reputation.

When the telephone numbers are called, the phone is answered either live or by voicemail saying that the caller has reached "Royal Bank," "Royal Management Group" or "Royal Investment Group." Funds are requested up front, with the promise of the approved credit or high return on an investment product, with instructions to send the money using payment vehicles such as telegraphic transfers (wires), certified cheques or money orders.

Important information to know

Exercise caution any time funds are requested to be sent in advance to claim a prize, inheritence, loan, or unusally high investment return. RBC Financial Group will never ask for money up front on pre-approved credit. For more safety tips, visit the Canadian Bankers Association or pick up a brochure titled "Financial Fraud" at any RBC branch.

Victims of this type of fraud should contact Phone Busters at 1-888-495-8501 or email info@phonebusters.com. Phone Busters is a division of the Ontario Provincial Police. US residents should also contact their local authorities and the Federal Trade Commission (FTC) at 1-877-438-4338.


02/22/2005 11:34:24