March 5, 2013
Consumer Awareness is the Best Safeguard Against Fraud
Today’s digital, global marketplaces present a variety of investment fraud threats to consumers. Every year, March is nationally recognized as Fraud Prevention Month to raise awareness of this issue.
“Investment fraud can be devastating for anyone who has fallen victim to this kind of scam,” said the Honourable Nick McGrath, Minister of Service NL. “People have been known to lose their life savings, and even experienced investors need to be aware of the dangers as many of these frauds are very sophisticated. All fraudulent activity should be reported to policing agencies, the Canadian Anti-Fraud Centre, or Service NL.”
Service NL offers the following tips to consumers so that they can protect themselves:
- Check valid licences of individuals and companies that sell real estate, insurance, prepaid funerals and mortgage brokering services in this province at www.servicenl.gov.nl.ca;
- Check the registration of individuals and companies that sell securities at the National Registration Search at www.csa-acvm.ca; and,
- Check for unlisted individuals and companies selling securities by contacting Service NL at 709-729-2596.
“The best form of defence against investment fraud is for consumers to educate themselves as much as possible,” said Minister McGrath. “The old saying, if it sounds too good to be true, it probably is, should be top of mind for consumers when considering investment opportunities. The same is true of all forms of fraud, whether it’s investment fraud, identity theft, or a Ponzi scam.”
For information about existing and emerging forms of fraud, visit the Canadian Anti-Fraud Centre at www.antifraudcentre-centreantifraude.ca, or call 1-888-495-8501.
Consumers can call the Financial Services Regulation Division of Service NL if they feel they are victims of investment fraud at 709-729-2596.
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Media contact:
Vanessa Colman-Sadd
Director of Communications
Service NL
709-729-4860, 682-6593
vanessacolmansadd@gov.nl.ca
2013 03 05 10:25 a.m.