March is Fraud Prevention Month, a national initiative to empower Canadians to recognize, reject, and report fraud.
According to the Financial and Consumer Services Commission (FCNB), New Brunswickers lost more than $1.2 million to investment frauds and scams in 2023.
Marissa Sollows, the commission’s director of communications and public affairs, believes that figure is much higher as an estimated 95 per cent of financial fraud victims don’t report the crime.
The commission is raising awareness about the importance of checking if the people working with your money are registered or licensed to do so – including investment trading platforms.
FCNB said frauds related to investments, cryptocurrencies and digital assets continue to be predominant in the complaints and inquiries department, including a scheme called “romance baiting” (or more crudely, the “pig-butchering” scam).
This prevalent and financially devastating scheme targets individuals through online crypto or investing ads, or with unsolicited and seemingly random messages. The scammer initiates contact under the guise of a wrong number and then carries on communicating, trying to build a friendly or romantic relationship with their target.
“If New Brunswickers do not check to make sure the investment trading platform they are using is registered, they put themselves at greater risk of becoming a victim of fraud,” said Sollows.
“However, it is also important to note that being registered does not mean there are no risks. Taking the time to evaluate each opportunity and fully understand the risks involved before investing is a key step in protecting your money.”
New Brunswickers who’ve been targeted by fraud should report it to the Commission, the Canadian Anti-Fraud Centre, and their local police.
