In the spirit of back to school, we thought it would be a good time to point people to some tools they can use to test on their fraud awareness.
Take the Fraud Challenge
In March, we launched The Fraud Challenge, an interactive quiz that allows you to test your vulnerability to fraud. The five question quiz, which is available on BeFraudAware.ca, is based on questions asked in recent national research that found more than 1-in-5 Canadians (50+) are vulnerable a highly risky investment offer.
The Fraud Challenge allows you to see how you compare to those we surveyed in our research. After you enter your answers, a webpage appears displaying your score and the national average score side-by-side. You will also find the answers to the Fraud Challenge and a link to our YouTube page where we expose a fraudster.
If you like, you can share your score with friends via Facebook or Twitter.
CSA’s Online Fraud Awareness Campaign
Also in March, the Canadian Securities Administrators (CSA), announced the results of its 10-week online fraud awareness campaign. The public education initiative included online ads and social media promotions that pointed to the website of a fictitious company, BlueHedge Investments.
During the campaign, the BlueHedge website received nearly 18,000 visits from across Canada, with 71% of those arriving via online advertising, some of which ran on popular search engines. Additionally, more than 10% of those who received unsolicited emails from BlueHedge opened the emails, and of those, almost 13% clicked on provided links.
You can visit the BlueHedge Investments (www.bluehedge.ca) website, which was set up to demonstrate how scam artists lure unsuspecting investors.
When you click to invest, the education website (www.BlueHedgeIsntReal.ca) appears to demonstrate the warning signs exhibited on the BlueHedge Investments website. The education website also provides a primer on how to arm yourself against possible investment scams, and video testimony from someone who was pitched an investment scam.
NASAA-CSA Investment Fraud Awareness Quiz
This 12-question quiz is a collaborative effort between the CSA and North America Securities Administrators Association. It walks you through scenarios and questions that help you indentify areas where you may be vulnerable to fraud.
When you answer a question, a drop down answer will appear to tell you if you got it right or wrong. Each answer also explains why you are correct or incorrect. Take the quiz to learn how you can avoid being a victim of investment fraud.
Interesting piece in the weekend edition of Montreal’s The Gazette about Carlo Ponzi (sometimes referred to as Charles Ponzi) and his connection to the Quebec city. By now – thanks to Bernie Madoff – how a Ponzi scheme works is well known: It takes money from new investors to pay existing investors. There’s no real […]
The Canadian Securities Administrators (CSA) today issued an investor watch to make investors aware of the significant risks involved in foreign currency exchange (Forex/FX) investments. Investors who trade Forex are also warned against dealing with unregistered firms offering Forex trading. The investor watch was created after CSA staff identified an increase in unregistered foreign exchange […]