(NC)—March is Fraud Prevention Month. The Ontario Securities Commission (OSC) reminds all investors, and particularly those over 50 to be aware of the signs of investment fraud.
On top of preparing for retirement, many people in this age group are still financially responsible for dependent children and aging parents – causing worry about not having enough money for retirement. Scam artists prey on this fear by promising high-return, low-risk investments. In reality, these investments are usually high-risk products that are not right for people looking to protect their nest egg as they approach retirement - if the investment exists at all. Either way, you could lose some or all of your money.
Think you can't be scammed? Research shows that people with investing experience are more open to investment opportunities and willing to take risks. In addition, experienced investors are more willing to make their own investment decisions, without getting advice from an independent financial adviser. These tendencies can make you vulnerable to fraud.
Read Protect your money – avoiding frauds and scams, and the Investment Fraud Checklist to learn how to protect your money from fraud. You can download free copies of these or other OSC investor publications online at www.checkbeforeyouinvest.ca or call toll-free 1 877 785 1555.
Source: www.newscanada.com
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