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March is Fraud Prevention Month

By Caitlin Snow Mar 1, 2023 | 10:55 AM

Richard Patterson / CC

March is Fraud Prevention Month and the province is reminding of crypto scams, if you have investments.

Recently, The Nova Scotia Securities Commission was warning about “pig butchering” schemes.

They were becoming a problem in North America and led to huge losses for some here at home.

As this and other scams continue, people should be wary of the following:
— being contacted by a stranger about an investment opportunity
— being directed to download an app or trading software
— being encouraged to use credit cards or lines of credit to invest money
— offers of assistance from a “professional crypto trader”
— being told to move crypto off of an established platform to a “wallet” that has been set up by someone else.

The Commision will be sharing tips on their social media, on how to prevent being scammed, with new content every week.

“Being aware of these red flags can help investors identify and protect themselves from investment fraud. If you receive unsolicited messages from people you don’t know, be cautious and mindful that this person could be attempting to defraud or scam you, ” says Paul Radford, Chair from the Nova Scotia Securities Commission.

The commission’s Before You Invest blog will feature new content every Wednesday, including the top investor threats of 2023, while its YouTube channel will have a new video going live every Monday. Some of the topics include anatomy of a scam, Ponzi schemes and recovery room scams.

It will also deliver two investor education presentations at the Halifax Central Library. More information is available at: https://nssc.novascotia.ca/before-you-invest/march-fraud-prevention-month-6


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