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Email this10:07 am
December 27, 2021
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I'm interested in placing some money into a UBS Investment Bank (Canada) HISA account. Current rate is indicated as 4.35%
They also have a 1 year GIC with rate of 5.25%
All signs point to this being a legittimate arm of their Switzerland based firm, and being eligible for CDIC Insurance.
Link: https://secure.ubsinvestmentgroup.ca/individual/
Is anyone else here currently using this firm given their rates are well and above most typical HISA & GIC rates for banks covered by this forum?
**I located them via https://www.canadaratemarket.ca/
10:32 am
October 27, 2013
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This could be a scam site. The official UBS Canada site is https://www.ubs.com/ca/en.html and I see no deposit account options for retail customers.
11:02 am
January 4, 2015
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That website does have a number of issues that lend support to it being illegitimate. Be careful.
11:58 am
December 12, 2009
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AltaRed said
This could be a scam site. The official UBS Canada site is https://www.ubs.com/ca/en.html and I see no deposit account options for retail customers.
Sometimes banks will create separate websites on different domains targeting retail customers, but this is not that. On the likely scam site, it doesn't link back to the real UBS' Investor Relations and group pages.
Cheers,
Doug
12:06 pm
April 6, 2013
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There's no CDIC member UBS Investment Bank (Canada).
As AltaRed wrote, the official UBS Canada site is
https://www.ubs.com/ca/en.html
The link there to their investment bank is
https://www.ubs.com/global/en/investment-bank.html
Not some site in domain ubsinvestmentgroup.ca that was registered May 25, less than one month ago.
12:29 pm
November 5, 2022
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Is this one of those scam GIC sites that people have lost hundreds of thousands of dollars to?
Would have to phone the real bank from their real number and check on it.
--------------------
https://www.ubs.com/ca/en.html
Attention:
Please be aware that we have noticed a recent increase in the number of fraudulent phishing attempts by third parties. Fraudsters might create fake websites and advertising materials while pretending to be representing UBS, including fictitious advisor names. In order to protect yourself and your information, we encourage you to verify the validity of all information by contacting UBS on this website.
12:32 pm
December 27, 2021
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Thanks for all the replies - it's safe to say it's not legitimate.
The rates alone are indicative of that, as is the new site, their speedy response to me on a Sunday, and the fact UBS Canada deals with account minimums of $5-10M.
Too good to be true? It probably isn't true then!
12:38 pm
November 5, 2022
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It's interesting to see those scam sites, there must be thousands of websites like that.
Looks likes both of those websites are scams, and the organized criminals behind the sites target vulnerable seniors with savings, and steal all of their money.
https://www.ctvnews.ca/toronto/article/more-victims-come-forward-in-fake-website-gic-scam/
12:48 pm
December 27, 2021
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I should add that this site led me to the scam site.
https://www.canadaratemarket.ca/
"Canada Rate Market is a broker that has been flagged by the Ontario Securities Commission (OSC) due to concerns over its legitimacy. The company operates under the domain canadaratemarket.com, which is currently under maintenance. This review explores the reasons why investors should approach this platform with caution.
Key Red Flags
The main issue with the Canada Rate Market is its lack of transparency. Despite being flagged by the OSC, the platform provides little to no information about its services, regulatory compliance, or team. Such a lack of details is a significant red flag for any potential investors."
12:54 pm
November 5, 2022
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There must be a way to report sites that are doing GIC fraud.
A police investigator could just register, and put money in, but it's probably all done by offshore criminals.
https://antifraudcentre-centreantifraude.ca/report-signalez-eng.htm
RCMP https://www.rcmp-grc.gc.ca/en/new-cybercrime-and-fraud-reporting-system
1:00 pm
August 4, 2010
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Among the other signs it isn't legit, it is using a free LetsEncrypt security certificate, and traceroute indicates the hosting may be in Kuala Lumpur!
1:05 pm
October 27, 2013
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It is also a bit concerning that even supposedly savvy investors on this site such as the OP of this thread would post this with content/context suggesting presumed legitimacy without having done basic research such as an independent Google search of UBS Canada and/or going to the CDIC website to validate bank membership.
1:41 pm
December 12, 2009
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AltaRed said
It is also a bit concerning that even supposedly savvy investors on this site such as the OP of this thread would post this with content/context suggesting presumed legitimacy without having done basic research such as an independent Google search of UBS Canada and/or going to the CDIC website to validate bank membership.
Yes, in fairness, the OP did say he found it on a rate comparison site. I would recommend he report it to that rate comparison site, so they can take it offline. They too were duped.
4:31 pm
November 5, 2022
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The fake rate comparison site is a total scam. No one is getting duped, it's a criminal organization.
Very interesting to look at that, have not really seen that before, and yes people get duped everyday.
People are losing their life savings to these scams.
4:47 pm
April 6, 2013
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That's why it is a waste of time to report to the comparison site canadaratemarket.ca when the comparison site is likely a scam site too!
The scammers are quite good. Not only did they scam him but they also somehow talked one victim into going $650,000 over CDIC coverage.
4:56 pm
December 27, 2021
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AltaRed said
It is also a bit concerning that even supposedly savvy investors on this site such as the OP of this thread would post this with content/context suggesting presumed legitimacy without having done basic research such as an independent Google search of UBS Canada and/or going to the CDIC website to validate bank membership.
As a supposedly savvy investor I posted to see if there was verifiable data from members on the legitimacy of the firm. In hindsight I should have dug deeper on my own and not posted - but I see merit in sharing for others to avail themselves of the information which they’ll likely share to others in their sphere who may not be members of this forum.
I’ll see if I can report my post for removal in case that would lessen the risk of others thinking they should enquire about this illegitimate firm.
5:17 pm
October 27, 2013
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A moderator/administrator has already tagged the Subject header as [Scam Website] so that is taken care of. FWIW, I didn't intend to be pointedly abrasive to you specifically but could have worded it differently. The message is more about all of us doing the necessary work to dig deep before posting supposed 'opportunities'.
5:27 pm
December 27, 2021
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Thanks for the info, and the kind words AltaRed.
/endthread
10:24 pm
November 5, 2022
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I think this is an excellent thread, could save a person from losing their life savings to offshore criminals.
https://www.highinterestsavings.ca/forum/gic/ubs-bank-canada-gic-5-yr-2-9/
https://www.highinterestsavings.ca/forum/gic/gic-trust-highest-gic-rates-offered/#p69302
Please write your comments in the forum.