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As the holiday season approaches, the RCMP Federal Policing Northwest Region’s Integrated Market Enforcement Team and Provincial Financial Crime Team urge Albertans to exercise caution when making financial investments.
With a rise in holiday scams, the RCMP advises residents to stick to reputable investment platforms and avoid fraudulent schemes that solicit money through various methods, including search engine optimization, social media platforms, email or text messages, phone calls from fake companies, and digital ads.
To help investors better protect themselves from these scams, the Alberta Securities Commission (ASC) offers resources on identifying investment fraud and understanding scammers' operations.
The ASC also provides access to a list of Alberta-based registrants and an investment caution list. Cryptocurrency scams are another concern during the holiday season.
Fraudsters often offer high returns on cryptocurrency investments quickly, only to take the victim’s money and sometimes their personal and financial information. Cryptocurrencies, which operate independently of a central bank, are currently unregulated in Canada, making them a prime target for fraud.
The ASC offers resources, such as a Crypto Investment Guide, to help individuals recognize red flags and avoid scams. Additionally, it outlines common tactics fraudsters use to pressure people into cryptocurrency scams.
"Holiday cheer shouldn’t come at the cost of your savings. Scammers use the season of giving to prey on trust and urgency. Remember: never send money or share personal information with anyone promising quick or guaranteed returns. Take your time, research, and stick to reputable sources," said Supt. Chan Daktari Dara is an officer in charge of financial integrity and cybercrime with the RCMP Federal Policing Northwest Region.
If you suspect you may be a victim of fraud or are being targeted by fraudsters, contact your local law enforcement and the Canadian Anti-Fraud Centre (CAFC) at 1-888-495-8501.
Contact your bank or credit card company immediately if your personal or financial information has been compromised.
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