2020 has been a rollercoaster ride, to say the least. A ride that many of us may not have been prepared to take, nor buckled up for.
Due to the COVID-19 pandemic, we saw financial markets become volatile, oil prices drop to historic lows, and COVID-19-related scams bubble up.
Throughout the year, we launched tools and resources to help British Columbians navigate sudden adjustments to their financial goals. In this post, we’re recapping our top ones you don’t want to miss.
Investment Fraud Awareness
Learn to Spot the Fraud Warning Signs
We created five videos to help you recognize the five common fraud warning signs. Each video features a scenario based on a real British Columbian fraud case and is designed to help you identify fraud in a seemingly normal encounter.
Watch these videos to better understand a fraudster’s tactics and promises so you can recognize and reject investment scams.
The Reality of Romance Scams
Online dating has become more common thanks to dating apps and sites. In 2020, starting up an online relationship may be even more appealing when we’re being asked to limit our in-person interactions due to the ongoing pandemic.
There can, however, be a nefarious side to finding love online. Scammers can use these same sites and apps to gain your trust and affection, before presenting reasons why they need you to “help” them financially. And these scams don’t just happen online.
Learn how romance scams work, and what you need to do to protect yourself and your finances against fraud.
Navigating the COVID-19 Pandemic
COVID-19 Information Page for BC Investors
March 2020 marked a dramatic change in the lives of Canadians when COVID-19 became a serious health and economic concern in our country.
It became clear that British Columbian investors needed access to trusted COVID-19 resources, including information on how to avoid investment fraud.
To help investors navigate their investments during economic uncertainty, we created a COVID-19 information page. The page includes relevant articles, links to government resources, and the latest COVID-19-related investor warnings and alerts.
Understanding Market Volatility
The onset of the COVID-19 pandemic led to extreme market swings. Market volatility can be stressful for investors, especially if you’re a new investor who hasn’t experienced it in the past.
We wrote three articles to help you better understand what market volatility means, and how you can navigate sudden financial market swings.
- What You Should Know About Market Volatility
- 5 Things to Think About During a Sudden Stock Market Correction
- The Crude Facts About Oil Prices During Economic Uncertainty
Elder Financial Abuse
Financial abuse is the illegal or unauthorized use of someone else’s money or property. It includes pressuring someone for money or property.– Government of Canada
Elder financial abuse is the most common form of elder abuse in Canada. It can have devastating financial and emotional impacts.
Elder financial abuse isn’t always easy to recognize, and sometimes it can be even more daunting to report. That’s because abusers are usually people who have a close connection to you.
This year we partnered with the Office of the Seniors Advocate (OSA) to help British Columbians understand what elder financial abuse can look like, and how to talk to loved ones about potential abuse.https://vimeo.com/429153502
Learn Whether You’re an Investor or a Saver
Knowing whether you’re a saver or an investor is an important part of managing your financial goals. For example, you may look at shifting some funds towards a savings account if you don’t have an emergency fund in place.
We launched a new quiz to help you determine where you fit, according to your current money habits.
Understanding your current financial situation is a key step toward reaching your financial goals.
How to Stay Informed
We regularly update our Blog channel and investing pages to provide you with timely investing information. You can also subscribe to our newsletter to have curated investing topics delivered straight to your inbox.
We look forward to equipping you with more tools and tips that can help you along your investor journey in 2021!
Report a Concern
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. Subscribe to receive email updates from BCSC InvestRight.