New Brunswickers lost a total of more than $1.2 million to investment scams and frauds in 2023, according to the Financial and Consumer Services Commission of New Brunswick.
According to a Wednesday news release from the Commission, investment fraud makes up nearly half of all money lost in reported frauds in New Brunswick last year.
“Unfortunately, we know this number is much higher in reality,” said Marissa Sollows, the Commission’s director of communications and public affairs, in the release. “It’s estimated that 95 per cent of victims of financial fraud don’t report the fraud.”
The release notes cryptocurrency, investment, and digital asset scams are persistent problems, particularly the “pig-butchering” scam, which made New Brunswickers lose a reported $547,128 in 2023.
The Commission says New Brunswick residents also lost $16,085 in 2023 to “recovery pitch” scams, which involves fraudsters targeting people who have already lost money in scams and claiming they can help recover some or all of the lost funds. Such scammers could pitch new investment opportunities or a new service or product.
“If New Brunswickers do not check to make sure the investment trading platform they are using is registered, they put themselves at greater risk of becoming a victim of fraud,” said Sollows. “However, it is also important to note that being registered does not mean there are no risks. Taking the time to evaluate each opportunity and fully understand the risks involved before investing is a key step in protecting your money.”
