In recognition of March being Fraud Prevention Month, the Alberta Community Crime Prevention Association and RCMP are shining the spotlight on investment scams.
Cpl Sean Milne, with Alberta RCMP Provincial Economic Crime Team, says, “Investment scams often appear as business opportunities that are just too good to be true. Always be suspicious of unsolicited investment opportunities – even from friends and family members.”
Investment scams can fall under the guise of investment fraud via social media, ponzi or pyramid schemes, cryptocurrency schemes, real estate scams, and offshore investing schemes to name a few.
Practice the following steps to protect yourself against investment scams:
Be skeptical of unsolicited investment opportunities.
Always reach out for a second opinion.
Be suspicious of time-limited or high-pressure salespeople.
Always research the investment on how it works, risks, and fees. A Google review is not enough research.
If you are unsure if you have been a victim of a scam, visit the Government of Canada’s website to learn of common scams. If you are a victim of fraud, contact your local detachment or call the Canadian Anti-Fraud Centre at 1-888-495-8501.
Also, make sure to contact your bank or credit card provider if your financial information has been compromised.