POLICE ASSOCIATION OF NOVA SCOTIA 95 INVESTMENT FRAUD My son-in-law said he knew about a project that would double my money if I invested right away. So I wrote him a cheque.That was a year ago, and I haven’t received a cent. When I ask him about the project, he doesn’t answer my questions. After retirement, you may depend more on your investment income. If someone tells you about an opportunity to make lots of money quickly with no risk, ask questions. If it sounds too good to be true, it probably is. Tips: • Watch out for anyone who pressures you to decide right away about investment opportunities. • Be suspicious when someone promises a quick profit. • Get more information and consult a financial services professional before investing. • When you check on a company, never use the telephone numbers or Internet sites that the company gives you. Look up the information yourself. • Report suspected fraud or scams to the police. Fraud is a crime. It could happen to anyone. Stay informed. Quiz: The following true or false questions may help you learn more about investment fraud. 1. It is always a good idea to consult a financial professional before you invest. 2. If an investment opportunity is described in a written document and says there will be a public meeting for everyone who is investing, it is legitimate. 3. If a document describing an investment opportunity contains testimonials from real people, it is legitimate. 4. Con artists only target people with lots of money. 1. (T) 2. (F) 3. (F) 4. (F) LOTTERY FRAUD Out of the blue, I got a phone call saying I’d won a $100,000 prize! All I had to do was send a cheque to cover the handling fees and the company would send me my prize. Now my cheque has been cashed, and the company has disappeared. Lottery scams can take many forms: telephone, mail or Internet.You could be told that you have won a big prize or a free trip. Ask questions. If it sounds too good to be true, it probably is. Tips: • Watch out for a contest you don’t remember entering. • Be suspicious when someone asks you for personal information, such as your social insurance number or credit card number, before collecting your prize. • Beware of prizes that require you to pay the taxes or other fees. • Get more information on the company or charity. Don’t use telephone numbers or Internet sites that the company gives you. Look up the information yourself. • Report suspected fraud or scams to the police.. Fraud is a crime. It could happen to anyone. Stay informed. Quiz: The following true or false questions may help you learn more about investment fraud. 1. Buying a product increases your chances of winning a prize. 2. It is normal for a telemarketer to ask you to send a fee up front before they will send you a prize. 3. Contest entry forms at fairs and malls may be used by con artists to get your personal information. 4. Canadian lotteries must have a registration number. 1. (F) 2. (F) 3. (T) 4. (T) Department of Justice Ministère de la Justice www.justice.gc.ca Elder Fraud: It’s time to face the reality. For more information: www.seniors.gc.ca 1-800 O-Canada (1-800-622-6232) TTY: 1-800-926-9105 © Her Majesty the Queen in Right of Canada — 2009-06-08 Cat. No.: J2-353/2-2009 ISBN: 978-0-662-06877-8
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