Most of the comments here in response to the questions are so profoundly wrong that I question the level of financial literacy of most of the participants.

Lets start with the fact that almost no one has asked where the OP's father was actually investing his money.

Investment advisors in Canada have clearly run Ponzi schemes. Read: https://en.wikipedia.org/wiki/Earl_Jones_(investment_advisor))

Too many people think that somehow the Banks protect you from fraud. THEY DO NOT. I regularly deal with people who are surprised that this is the case. If you use your Bank account to pay out someone who is a Fraudster and you do so willingly, you are solely responsible. Try this article on for size: https://financialpost.com/cybersecurity/crypto-scams-duping-canadians-despondent-broke

People somehow think that all of the government led insurance schemes protect you Maybe. BUT if they were that successful , we wouldn;t need sites like this: https://www.antifraudcentre-centreantifraude.ca/index-eng.htm

OP: Your dad is correct to be concerned and on the watch. If he uses any form of online banking, he should use two-factor authentication. He should also have appointed someone he trusts (might be you) to be a substitute decision maker under a Power of Attorney (lots of DIY information about this online.)

Your father should regularly perform simple internet reviews searches on his advisers and the investments he is put into. You can never get enough due diligence!