The Mutual Fund Dealers Association of Canada (MFDA) is warning that scammers are targeting MFDA members with fraudulent emails asking them to make payments as soon as possible for unpaid dues.

“This email was not generated by the MFDA,” the MFDA states in its member bulletin. “Members should not send any funds in response to the sender. It is recommended that you circulate this to relevant employees so that they are aware of this phishing scam. You may also want to ask relevant employees to report immediately if they have already engaged with this email.”

Phishing scams are attempts at trying to obtain personal or financial information by asking that recipients provide it in an email, by clicking on a link that imitates a legitimate website, or by opening an attachment. In this case, the MFDA says the email’s subject line reads “PAYMENT REMINDER.”

“The MFDA reminds members that emails from unknown sources should not be opened unless cleared by your IT department.”

Members or approved persons who receive suspicious emails or communications appearing to be from the MFDA, or using the MFDA’s name, are asked to contact member services at [email protected] or (888) 466-6332.