The Nova Scotia Securities Commission (NSSC) is warning investors about fraudsters trying to capitalize on market turmoil.
The regulator reported that it was contacted by an investor who was approached by an apparent scam artist taking advantage of the financial market and economic fallout from the Covid-19 outbreak.
According to the NSSC, the investor contacted the regulator after receiving a call from a person who claimed to work for National Bank.
“They were told that their investment plan was collapsing, and they needed to immediately put money into their account to save it,” the NSSC said. “The caller was using fear around the current economic conditions to attempt to steal the investor’s money.”
Stephanie Atkinson, acting director of enforcement at the NSSC, said, “Unfortunately, in times of economic turmoil many fraudsters try to take advantage of investors’ fears to steal their money.”
She said investors contacted by anyone with warnings about their investments or finances should “never give out any information, and contact [their] advisor, bank or investment firm to ensure the caller is legitimate.”
The NSSC also advised investors who are contacted by possible fraudsters to report the activity to the commission.