By Brody Langager

#TakeSomeTime

Alberta Securities Commission launches awareness campaign for Fraud Prevention Month

Mar 2, 2021 | 11:16 AM

Investment fraud is on the rise, and the Alberta Securities Commission (ASC) wants to help bring awareness to it, as well as educate younger people on what they can do to prevent it.

Incidents of fraud are decreasing among older Albertans, but are on the rise with people under 35, the ASC says.

The Take Some Time campaign during Fraud Prevention Month encourages Albertans to take their time and do some appropriate research before investing money.

The hashtag #TakeSomeTime is being used, as well as an Excuse Bot, to give people funny excuses not to invest with pushy scammers, and connects young investors to the information they need, which can be found at checkfirst.ca/takesometime.

“We know there is a desire to make money quickly, especially given the higher rates of unemployment throughout Alberta,” says Hilary McMeekin, Director of Communications and Investor Education with the ASC. “During Fraud Prevention Month, the Excuse Bot will lead with a bit of humour, but ultimately show young people that with or without scams, taking time to learn how to protect yourself, doing your own research and getting as much information as possible before you invest can save money and headaches in the long run.”

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“As social media and other online use increases, fraudsters are able to reach potential victims on a global scale,” cautions Cynthia Campbell, Director of Enforcement with the ASC. “Online fraud is becoming more sophisticated and widespread and it’s not difficult to see how someone could feel enticed or pressured and fall prey to these scams. Be an investor, not a victim. Safely invest by learning and watching for the red flags of fraud.”

Investments in things like Gamestop, DogeCoin, and AMC that have been blowing up on Reddit and other social media platforms has pushed young people to look at the stock market as an investment opportunity, but the ASC warns to arm yourself with knowledge before jumping in.

“We are seeing an increasing number of young people getting involved in the stock market and investing. This is great because investing can be part of a healthy financial future. However, learning the proper steps to protect yourself is important. So before jumping in and acting on any advice and stock tips offered through social media, ‘take some time,’ do your own research and check out checkfirst.ca. It provides a wealth of free, unbiased information,” says McMeekin.

According to the Canadian Securities Administrators, 23% of 18-30 year olds in Alberta say they were approached by a possibly fraudulent scam. 45% of Albertans in the same age range say they’ve seen investment opportunities advertised on social media.

If you come across an investment opportunity that seems suspicious, ASC wants you to contact their public inquiries office at 1-877-355-4488, or inquiries@asc.ca