Not-so-fun fraud facts

As noted elsewhere on this site, a recent survey* found that 41 per cent of Nova Scotians believe they have been approached with some form of investment fraud. What else do we know about investment fraud in Nova Scotia? You might be surprised.

• Of those approached with investment fraud, 25% say they have been approached five or more times.
• Only 29% believe investment fraud is common in their province.
• Only half of Nova Scotians believe they are as likely to be a victim of fraud as anyone else.
• 81% believe it is important to report even the suspicion that someone has approached them with an investment fraud.
• Less than 1/3 of those approached actually reported the attempt.
• 81% believe you should never make an investment without doing independent research. Yet almost half (48%) rely completely on the advice of an adviser, doing no research on their own.
• You do not need to be rich to be a fraud victim – most Nova Scotians are defrauded for $5000 or less, often less than $1000.

*All stats taken from the CSA Investor Index 2009.

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