The following statement was given today in the House of Assembly by the Honourable Paul Davis, Minister of Service NL:

Minister Recognizes Fraud Prevention Month

I am pleased to rise today in this Honourable House to recognize March as Fraud Prevention Awareness Month in Newfoundland and Labrador and throughout Canada.

Unfortunately Mr. Speaker, it is not unusual to hear of individuals losing considerable sums of money through what may appear to be risk free opportunities. Some of these fraud schemes are sophisticated enough to fool even a savvy investor. The effects of fraud are often long term and can lead to the loss of an individual’s life savings.

These attacks on financial consumer safety have increased in recent years with a growing reliance on online commerce and electronic transactions. More than ever, it is important that everyone be cautious in all transactions.

Mr. Speaker, knowledge is power when it comes to being aware of fraud. This is why the Royal Canadian Mounted Police, Royal Newfoundland Constabulary and other organizations designate the month of March as fraud awareness month.

It is through awareness that the people of our province will best be able to protect themselves from these pitfalls. The Consumer and Commercial Affairs Branch of Service NL is responsible for financial education and makes every effort to collect information on fraudulent activity, and to inform the public of these concerns in a timely manner.

Mr. Speaker, consumers should ask questions when looking at investments. Members of the public who are suspicious about a particular investment opportunity, or would like to receive more information can contact the RCMP or RNC, the Canadian Anti-Fraud Centre or Service NL’s Consumer and Commercial Affairs Branch.

Working together with financial institutions, the RCMP and RNC, we will continue to promote fraud awareness, and educate the people of Newfoundland and Labrador, so they can recognize fraud, know where to report it and stop fraud from happening to them.

Thank you Mr. Speaker.

2012 03 07             2:20 p.m.