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The Voice of Canada’s Investment Funds Industry

Take the Financial Fraud Test


Investing is a great way to grow your savings. But you can lose it all to fraudsters if you fall for a “too good to be true” scam.  Take our quick quiz to see how savvy you are.

True or False?
(Check your answers below)

  1. Fraudsters only target wealthy people.
  2. Fraudsters never target the same person twice.
  3. Scam artists look sleazy, operate out of a suitcase, and are easy to spot.
  4. You’ll be okay if you only trust people you know.
  5. People who use financial advisors are less likely to become fraud victims

Answers:

  1. Fraudsters only target wealthy people.
    • False. One-third of fraud victims are scammed for less than $1,000.
  2. Fraudsters never target the same person twice.
    • False. Some fraudsters try to con victims a second time by promising they’ll recoup the original money lost.
  3. Scam artists look sleazy, operate out of a suitcase, and are easy to spot.
    • False. Many scam artists look professional, seem genuine, and have offices that look legitimate.
  4. You’ll be okay if you only trust people you know.
    • False. Fraudsters often befriend respected members of clubs and organizations to gain the trust of members.
  5. People who use financial advisors are less likely to become fraud victims
    • True. People with advisors are more likely to talk to their advisor about schemes they’re offered by third parties.

To learn more about how to protect yourself from financial fraud, visit www.getsmarteraboutmoney.ca