This week, we are rolling out an updated version of our Be Fraud Aware mobile application that you will see advertised on and around public transit across the Lower Mainland.
The updated app is now available for Android devices, and it includes a new tool, the Fraud Challenge.
The Fraud Challenge is a five-question quiz that measures your score on the Canadian Investment Fraud Vulnerability Index, which the BCSC developed based on investor research of Canadians 50 years and older. You can access the Challenge from the app home screen, and walk through the five quiz
The average score of the Canadians surveyed in our research was 34 out of 100 on the index. If you score 34 or below on the Challenge, you may be less vulnerable to investment fraud than your fellow Canadians. If you score above 34, take extra care – the higher your index number, the more vulnerable you may be.
Whatever your score, read on by pressing the “find answers” button to see the correct answers and learn more about how you can protect yourself from investment fraud.
The app also has a “Fraud Finder” that poses 10 questions to help people recognize the warning signs of an investment fraud. It has a “Risk Profiler” that helps investors determine their risk tolerance, and it provides relevant news and Investor Alerts.
Most importantly, the app enables users to immediately report a fraud to the BCSC and check the Canadian Securities Administrators’ National Disciplined Persons list to see if a Canadian securities regulator has disciplined an individual.
Check out the top investor resources and tools launched on InvestRight in 2020.
Today, the Better Business Bureau of Mainland BC (BBB) announced the Top Ten Scams to watch out for this year. Topping the list of financial scams is affinity fraud, a type of scam that often ends up being a Ponzi scheme. In an affinity fraud, investors know each other because they are friends, or they […]