Ethnic communities
Many ethnic communities in BC have their own newspapers, television stations, cultural centres, and events. Some are so large that new immigrants can isolate themselves from the mainstream community. Language and cultural factors can cause people to trust someone from within their community and are less likely to seek outside advice.
How is it done?
Scam artists may be able to integrate into an ethnic community by virtue of their shared heritage, culture, religion, and language. They may put advertisements in ethnic newspapers, where they directly target the specific community. They may offer services in their language and gain trust by understanding the culture. Like any affinity fraud, they will strive for legitimacy by getting influential members of the community to trust them. Sometimes the scam artists will say it is an exclusive investment opportunity to the community, and may involve a link back to their place of origin.
Who are the victims?
The victims can be anyone in any ethnic community. New immigrants are especially at risk as they may be more isolated from the larger community and could be less likely to seek outside advice. Members of long-established minority groups may have accumulated savings and achieved a certain standard of living through years of hard work. Often, they want to give back to their community to help others like themselves. This generosity can make them easy prey for con artists who, despite sharing the same ethnicity or culture, are motivated by greed.
Report it
Even if you are not considering an investment or haven’t given your money to a person selling the investment, take the time to bring suspicious activity to the attention of securities regulators. Your care and attention may save a friend, family member or member of your community from falling victim to a scam artist.
In BC, contact BCSC Inquiries. You can also anonymously report suspicious activity through InvestRight’s Report a scam webpage.
Residents from other Canadian provinces can find contact information for their provincial securities regulator at
www.securities-administrators.ca.