Fraud protection tips by CSA for Canadians suffering huge finances in investment schemes

Canada, 3rd March: Seeing a high rate of finance-related frauds among Canadians, the Canadian Securities Administrators (CSA) has offered fraud protection tips to help save Canadians from investment-related frauds.

Additionally, it also includes some vital advice from financial advisers for protecting Canadian citizens from investment frauds. 

A latest survey, 2009 CSA Investor Index, revealed that every four out of 10 Canadians have become victim of investment related fraud not just one time but a number of times. The survey was based on around 7,000 adult people who live in Canada. 

Till now, almost a million Canadians have lost huge finances in various investment schemes to white-collar criminals, results from separate studies have revealed. 

The TD Canada Trust Fraud Prevention Month Poll said nearly 82 percent of Canadian adults have expressed their concern about increasing incidences of fraud in today’s online world of online business. 

The survey indicated that contrary to a common belief by Canadians that they act with wisdom and prudence while taking any decision 
relating to finance, they do not take appropriate precautions and continue to commit finance investment related mistakes which can be 
avoided quite easily. 

And the rate of finance-related losses in investment schemes is particularly higher among older Canadian citizens. They are the most vulnerable people, survey said. At least 16 percent of baby boomers and senior citizens in Canada admitted that they had been victims of financial frauds including identity theft, violation of finance-related privacy or payment card fraud since they reached the age of 50 years.

That is not all. Nearly 65 percent of Canadians said the problem of payment card fraud is only going to turn worse, admitted head of 
payment system risk at Visa Canada, Gord Jamieson. 

Meanwhile, the good thing is that nearly 90 percent of Canadians are taking preventions to avoid finance or investment related frauds.

 These prevention steps include----

1. Changing PIN(Personal Identification Number) after a couple of months;

2. Shredding vital documents; and

3. Shielding their PIN at cash counters.

4. Logging directly on websites and not clicking on links.

5. Never giving details of your bank accounts/credit cards to anyone on phone/fax or email (unless you trust somebody).

6. Seeking you financial advisor before proceeding with any investment opportunity. 

7. Whenever in doubt, contact the RCMP/The Canadian Anti-Fraud Centre/the Charities Directorate of the Canada Revenue Agency 
or the Competition Bureau.