Warning About COVID-19 Investment Scams

The Nova Scotia Securities Commission is alerting investors to be wary of people taking advantage of COVID-19 and economic turmoil to engage in investment scams.

A Nova Scotia investor contacted the commission after receiving a call from someone saying they were with 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 caller was using fear around the current economic conditions to attempt to steal the investor’s money.

Anyone who believes they have been contacted by someone engaging in investment fraud or fraudulent activities is advised to contact the commission at https://nssc.novascotia.ca/recognize-and-report-scam or by email at NSSCEnforcement@novascotia.ca .

Quotes:

“Unfortunately, in times of economic turmoil many fraudsters try to take advantage of investors’ fears to steal their money. If you are contacted by anyone with warnings about your investments or finances, never give out any information and contact your adviser, bank, or investment firm to ensure the caller is legitimate.”

– Stephanie Atkinson, acting director of Enforcement, Nova Scotia Securities Commission

Quick Facts:

• March is Fraud Prevention Month in Canada. Throughout the month the commission will be sharing information and tips to help Nova Scotia investors recognize and avoid investment fraud. Visit the commission’s website at nssc.novascotia.ca to find investor education resources and videos.

Additional Resources:

File a complaint or report a scam to the Nova Scotia Securities Commission: https://nssc.novascotia.ca/recognize-and-report-scam

Follow the commission on Twitter at @NSSCommission to keep updated on new investment scams and investor education initiatives.