March is Fraud Prevention Month, and the Mutual Fund Dealers Association of Canada (MFDA) is promoting fraud awareness among Canadian investors with an online quiz.
The MFDA has created an Online Fraud Awareness Quiz for Canadian investors.
After answering each question of the quiz, a simple yet in-depth explanation of the correct answer is provided that explains the fraud prevention and awareness concepts covered by the question.
For example, the Quiz explanations set out specific actions investors can take to protect themselves from fraud, such as checking the disciplinary history and registration status of an advisor through the Check an Advisor section of the MFDA website.
“One of the MFDA’s key mandates is the protection of Canadian investors, especially vulnerable investors such as seniors. The Fraud Awareness Quiz is a means for Canadian investors to test their fraud awareness knowledge, and to learn key methods that they can employ to protect themselves from investment fraud,” says, Mark Gordon, MFDA president and CEO.
Other important subjects covered in the Quiz include the relationship between risk and reward, how to identify the red flags of fraud, the importance of buying securities offered only through the dealer, why signing a blank form may expose one to fraud, and actions that investors can take if they believe they are a victim of fraud.