Scams are on the rise in the area, and March is dedicated to reminding residents to be safe.
It’s Fraud Prevention Month across Canada.
The Nova Scotia Securities Commission is reminding investors to do their due diligence when investing.
They’re putting a focus on cryptocurrencies and initial coin offerings.
Heidi Schedler, Senior Enforcement Council with the Commission, says there are many ways to tell if a site or phone call is legitimate.
She says the first step is making sure they’re registered in the province.
“Aretheyregistered.ca, and you can go to that website and it is nation-wide,” she says.
“You’ll be able to see if the person you are speaking to is registered, whether it’s here in Nova Scotia or any commission across the country.”
The Commission put together a checklist to help investors avoid investment frauds and schemes.
They put a focus on cryptocurrencies and initial coin offerings.
Schedler says the rise in Bitcoin, an online currency worth thousand of dollars, peaked the interest of fraudsters and scammers.
“And they really try to get people’s attention by using those topical stories to pull you in and kind of hook you in their story,” she says.
“That’s when they take advantage of you.”
Schedler says social-media and websites are the most popular sources for scammers.
She says grammar mistakes and logos that have been altered are two small ways to tell if a site is legitimate.
The full list of tips and tricks to avoid investment scamming is at Nova Scotia Securities Commission.
