New Brunswickers lost more than $6 million to investment scams last year.
This is a jump from the $1.2 million reported in 2023, according to the Financial and Consumer Services Commission of New Brunswick (FCNB).
Many of these scams involved cryptocurrencies and other digital assets, FCNB said.
Scammers also targeted past victims with “recovery scams,” promising to get their money back for a fee, stealing another $39,000.
Additionally, fraudsters are exploiting previous victims with recovery pitch scams, fraudulently gaining another $39,000 by claiming they could retrieve lost funds for a fee.
Investment fraud losses may be even greater than reported. The FCNB noted that these figures come from the Canadian Anti-Fraud Centre’s (CAFC) Top Fraud Report, which gathers data on fraud and identity theft across Canada.
However, CAFC estimates that only about 5 per cent of fraud cases are reported, meaning the true financial impact could be much larger.
“Taking the time to verify who you’re dealing with is your best defense against fraud,” Marissa Sollows, FCNB’s director of communications and public affairs said.
She suggests checking FCNB to validate the licensing and registration of anyone providing investment advice or services.
To address these rising scams, FCNB relaunched its “Permission to Pause” campaign during Fraud Prevention Month.
This campaign reminds people to slow down and verify the credentials of financial professionals before making decisions.
FCNB is collaborating with the Canadian Fraud Forum to share resources from the CAFC, RCMP, and Competition Bureau, providing Canadians with tools and tips to identify and report fraud.
