As part of its three-year Be Fraud Aware campaign, the British Columbia Securities Commission Tueday launched a mobile application to help investors identify, spot and report investment fraud at home or on the road.
“Staying informed and alert is key to protecting against investment fraud and making informed investment decisions,” said Patricia Bowles, director of communications and education for the BCSC. “Having information on the warning signs of investment fraud and the tools to spot and report a fraudster constantly at your finger tips will make assessing investment offers and decisions much easier for investors.”
The Be Fraud Aware mobile app, available for free from Apple’s App Store for use on iPhone or iPad, provides B.C. investors with important information and tools to help them to protect themselves against investment fraud:
- up-to-date news and Investor Alerts
- a ‘Fraud Finder’, an easy-to-use tool to help people spot investment fraud;
- a ‘Risk Profiler’ which provides a means of assessing your personal risk tolerance;
- the ability to complete a quick check of the CSA’s Disciplined Persons List to see if the person offering the investment services has been sanctioned or disciplined for misconduct;
- access to the BCSC’s Investment Caution List to determine if unregistered activity or unqualified securities are being promoted in British Columbia; and
- a glossary of scam terms that can to be used to identify warning signs of common investment scams.
In addition, the red ‘report fraud’ button on the app allows individuals to act immediately and send information about potential investment fraud anonymously to the BCSC.
“Now, people sitting in an investment seminar or a meeting where they are asked to make a commitment on the spot can quickly and easily access information that will help them make an informed decision,” added Bowles. “They will also be able to report their suspicions and fears directly to the BCSC.”