OSC Perspectives
Canadians more trusting of fraud artists, national study reveals
October 5, 2009 -
According to the 2009 CSA Investor Index, most Canadians recognize various “flags” that indicate potentially fraudulent investments. Yet they are more likely to trust fraud artists. Why? The nature of fraud attempts is changing. Fewer are received by email. Fraud attempts are becoming more personal, creating a stronger likelihood of trust between fraud artists and their victims.
These are just some of the findings of the Index, released to mark the launch of Investor Education Month in October. Conducted by Ipsos Reid, the study asked more than 6,300 Canadians about their investment knowledge, their understanding of and experience with fraud, and their awareness of securities regulators. Click here for the full study.
“Most successful frauds are built on trust,” explains Karen Manarin, Deputy Director, Enforcement. “For example, fraud artists often target groups, such as social clubs and ethnic or religious communities. The fraud artist may be a member of the group or know someone in the group. In either case, they are playing on our instinct to trust people who are like us.”
You can protect yourself from investment fraud by being an informed investor. Here are some resources to help you learn more:
These are just some of the findings of the Index, released to mark the launch of Investor Education Month in October. Conducted by Ipsos Reid, the study asked more than 6,300 Canadians about their investment knowledge, their understanding of and experience with fraud, and their awareness of securities regulators. Click here for the full study.
“Most successful frauds are built on trust,” explains Karen Manarin, Deputy Director, Enforcement. “For example, fraud artists often target groups, such as social clubs and ethnic or religious communities. The fraud artist may be a member of the group or know someone in the group. In either case, they are playing on our instinct to trust people who are like us.”
You can protect yourself from investment fraud by being an informed investor. Here are some resources to help you learn more:
- Protecting your money
- Investment fraud checklist
- Investment fraud and the Internet
- Investor warning list
- Scam artists pursue adults over 50
