Department
March 01, 2017

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

Minister Encourages Public Awareness During Fraud Prevention Month

Mr. Speaker, I am pleased to rise in this Honourable House to recognize March as Fraud Prevention Month in Newfoundland and Labrador.

Fraud Prevention Month unites more than 80 law enforcement agencies with public and private sector organizations across the country to raise awareness and protect Canadians from fraud.

This year’s awareness activities are related to binary options – an illegal online investment scheme that almost always results in significant financial losses for investors.

Binary options require investors to bet on the performance of an asset such as a currency, stock index or share over a short period of time. The payouts are held in online accounts and when investors attempt to collect their gains, they may find that their accounts do not exist.

Mr. Speaker, no one is registered to trade in binary options in Canada and we encourage anyone who encounters such fraudulent activity to report it to Service NL’s Financial Services Regulation Division.

As well, one of the best ways for residents to protect themselves from investment fraud is to research if the advisor or firm is registered with the Canadian Securities Administrators by visiting www.AreTheyRegistered.ca.

During Fraud Prevention Month, Service NL will be tweeting fraud prevention tips and I encourage all of my Honourable colleagues to help raise awareness on this important issue.

2017 03 01                              2:25 p.m.