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CSA Launches Fake Interactive Website to Educate Albertans About Imitated Investment Firms
Canada NewsWire
CALGARY, March 30, 2022
CALGARY, March 30, 2022 /PRNewswire/ — In the popularity of Fraud Prevention Month, the Alberta Securities and Exchange Commission (ASC) has filed a multimedia crusade to advertise the counterfeit and cloned websites of valid registered investment firms. The crusade includes a fake interactive online page that highlights several telltale symptoms of fraud in an educational way that is easy to navigate. The act of “cloning” or “identity theft” reaches scammers who create an online page that mimics or closely resembles the online page and data from a valid registration investment firm, maximum without their knowledge.
“We’ve noticed an increase in the number of fraudulent websites that look professional and masquerade as valid businesses,” said Hilary McMeekin, ASC’s director of investor communications and training. “We’ve created a new tool to help investors, and all Albertans can now use our fake online page to safely explore non-unusual red flags. The site also provides key steps they can take to determine the legitimacy and registration of any investment company discovered online or advertised through pop-up ads. “
Scammers use counterfeit or cloned websites in hopes of profiting from those who want to invest, “get in early,” seek low or competitive rates, or not miss the latest trend or wonderful “opportunity” to make money. Potential investors may stumble upon counterfeit or cloned sites through web searches and contextual classified ads that offer attractive, risk-free returns. once on the site, they are strongly incentivized to invest and deposit more budget if it “seems” that they have made money. Although some websites allow investors to withdraw expected returns, this is only to identify their credibility, and more occasionally. otherwise, all other requests to withdraw cash will be denied.
In addition to exploring the warning signs of fraud, the CSA’s fake online page directs visitors to the resources and equipment available in CheckFirst. ca.
Even experienced investors can fall victim to fraudulent investment opportunities and cloned websites. You should familiarize yourself with the fraud warning signs and report any suspicious investments to the CSA Consultation Office at 1-877-355-4488 or demandes@asc. ca. In particular, investors should:
1) Beware of any unsolicited investment offer made online, on social media or over the phone, especially if you require payment in bitcoins or other virtual assets. Be careful even if you may have contacted the company.
2) Pay attention to the red flags of cloned/counterfeit websites and duplicate websites for businesses discovered through contextual searches and classified ads.
3) Always check the registration of any company you work with by visiting www. checkfirst. ca/check-registration/. The securities law requires all investment professionals and companies to register in the province where they reside.
4) Contact only the number indexed in the company’s registry in the list of Alberta-founded registrants in the CSA if it is founded in Alberta or the national registry search provided through Canadian securities administrators. This will ensure that you touch the valid company.
CheckFirst. ca also includes a new consultant for those wishing to invest in crypto assets, as well as virtual presentations on fraud awareness and 101 crypto assets.
The CSA is the regulator that administers the province’s securities laws. It aims to promote a fair and effective capital market in Alberta and protect investors. As a member of the Securities Administrators of Canada, the CSA works to improve, coordinate and harmonize the regulation of capital markets.
SOURCE Alberta Securities Commission