COVID-19 scams growing

By The IJ Staff | April 24 2020 02:53PM

The Ontario Securities Commission (OSC), in partnership with the Royal Canadian Mounted Police (RCMP), is warning about fraudulent investment opportunities related to COVID-19.

The OSC and RCMP have received reports about companies approaching Ontario investors with claims of products or services that will prevent, detect or cure COVID-19. At this time, there is still no vaccine or any natural health product that is authorized to treat or protect against COVID-19.

Fraudsters claim people can make large profits

The OSC and RCMP are also telling investors to exercise caution if they are approached with aggressive stock promotions, which may make false claims of large profits and baseless stock price projections.

In addition, there have been reports of work-from-home scams and fraudsters taking advantage of people who want to make money because they have been laid off or their salaries have been cut. The scam artists offer opportunities to earn high profits at home as a securities or a derivatives trader without requiring a licence or any experience in the financial market.

Fraudsters pose as advisors

Fraudsters, posing as their bank or investment advisor, are also targeting individuals requesting sensitive financial or personal information.

They are also posing as government departments or agencies prompting individuals to click on a link or attachment with personal financial information.

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