Fairfax Financial is warning the public about online scams involving fake investment schemes that impersonate its CEO, Prem Watsa, to defraud Canadians.
Toronto-based Fairfax Financial Holdings has issued a public alert after learning that scammers are using the name and image of its chairman and CEO, Prem Watsa, in fraudulent online investment schemes.
According to the company, multiple websites and social media accounts have falsely claimed affiliation with Fairfax or Watsa to solicit money from unsuspecting individuals. These impersonation scams often promise high-yield investment returns or offer fake endorsements from Watsa to create a false sense of legitimacy.
Fairfax emphasized that neither the company nor its executives are involved in any such online promotions and that any investment opportunity claiming to be affiliated with Watsa is fraudulent.
This type of scam is known as executive impersonation fraud—a growing threat where fraudsters exploit the credibility of public figures to gain trust. Victims are typically drawn in via online ads, fake financial platforms, or direct messages and are persuaded to transfer funds to bogus accounts.
Fairfax is urging the public to:
- Avoid clicking on suspicious ads or investment links
- Independently verify any investment opportunity
- Report impersonation scams to the Canadian Anti-Fraud Centre and local law enforcement
The company has also taken legal steps to have the fraudulent content taken down.
