Fraud Prevention Month 2017: Your Questions Answered

We hope everyone took time during Fraud Prevention Month to learn more about the dangers of investment scams and protect yourselves from fraud.

This year, we received some questions about investment fraud, the campaign we ran, and the British Columbia Securities Commission (BCSC). We’re using this blog to answer a few queries that are relevant to everyone.

Investors can contact BCSC Inquiries with any questions about the BC Securities Commission, potential scams, and more.

What is Fraud Prevention Month?

Now in its 13th year, Fraud Prevention Month was spearheaded by the Competition Bureau and is now supported by over 80 private and public sector organizations, like the BCSC, who carry out various activities and event in order to combat fraud.

We use Fraud Prevention Month to make sure investors know how to recognize an investment scam and protect themselves from investment fraud.

Does the Fraudster Crooner song make light of investment fraud?

Investment fraud is a serious, life-altering experience. The Fraudster Crooner song uses humour to generate awareness of some common fraud warning signs. After watching the video, investors can learn how to conduct background checks, spot signs of investment fraud, and avoid common scams.

Where does BCSC InvestRight get its funding?

The BCSC funds its investor education programs with the money from penalties and fines imposed on individuals and companies that have contravened the BC Securities Act.

The BCSC is a self-funded Crown corporation. There is more information on funding and accountability on bcsc.bc.ca.

How can I follow active BCSC enforcement proceedings?

We publish news releases and other updates related to enforcement on bcsc.bc.ca. Under the enforcement tab, you can view hearing schedules, decisions and settlements, the disciplined persons list, and more.

You can also read the monthly Enforcement Roundup blog posts on InvestRight.org.

I may have information about a potential scam. Where can I report it?

BCSC Inquiries is available to hear your concerns via phone, email, or online form. You can find that information on our Contact Us page or at the bottom of this article.

If you have any concerns about a person or company offering an investment opportunity, please contact BCSC Inquiries at 604-899-6854 or 1-800-373-6393, or through e-mail at [email protected]. You can also file a complaint or submit a tip anonymously using BCSC’s online complaint form.

InvestRight.org is the British Columbia Securities Commission’s investor education website.

Suggested Reading

BC Securities Enforcement Roundup – May 2014

Long Weekend Back-to-School Shopping

Canadians Unaware of the Signs of Financial Elder Abuse

More Resources

PanaMoney: On the top 10 HYIP list

PanaMoney Technologies, Inc. is an on-line Panama-based investment scheme that appears on some of the top ten HYIP websites. Wikipedia, the free on-line encyclopaedia defines these funds as a “type of Ponzi scheme.” In my opinion, PanaMoney has all the markings of a Ponzi. It continues to amaze me that so many of these funds […]

In your commuity this month

  BCSC staff ambassadors tour the province, helping people to protect themselves from fraud and unsuitable investments. Our goal is to enable BC investors to develop critical thinking skills so they can become more informed of steps they should take to protect themselves when investing.   Where we are this month    Prince George  InvestRight […]