Investment fraud schemes cost Nova Scotians more than $4.9 million in 2023.
According to an RCMP news release, investment fraud, in terms of dollar value, is the number one scam in Nova Scotia. The introduction of cryptocurrencies makes the schemes easier to execute and harder to track.
“Victims are enticed with financial security through an investment opportunity with guaranteed, better-than-average returns,” the release reads. “Fraudsters pretend their early investors are turning a high profit by paying them with money from new investors. Eventually the scheme collapses, and victims lose most, if not all, of their investment.”
The RCMP urges people to be cautious of high-reward, low-risk investment opportunities, research investment opportunities, and seek advice from reputable financial institution.
According to a previous news release from the Financial and Consumer Services Commission of New Brunswick, residents in that province lost more than $1.2 million to investment fraud and scams in 2023.
