“Scam artists capitalize on new and emerging industries as there is often limited information and history available, making it easier to spread false information. The ASC has recently seen increases in potential new scams related to cannabis, foreign exchange and, especially, cryptoasset investments. While new industries may give rise to a range of exciting investment opportunities, it is important to understand the risks associated with the business before investing your hard-earned money.”
2, Affinity fraud – “You can trust me.”
“Affinity fraud, where victims are introduced to scams by someone they trust, continues to be a major concern in Alberta. Scam artists often work their way into groups and organizations, building relationships with respected or influential members who they use to recruit new investors. Currently, religious affiliations and cultural groups, particularly in rural areas, are the most common associations used by these scam artists. Learn how you can easily recognize affinity fraud in your community and how to contact the ASC if you see any suspicious activity.”
3, Exploiting a bad economy –“Cash out your traditional retirement savings, you’ll earn more!”
“In a struggling economy, scam artists will often target those recently laid-off. A major life change can trigger stress about finances and the future, which can affect decision-making. Many people will try to make up for what has been lost financially by investing in riskier investments in hopes of getting a higher return. Scam artists will encourage those feeling financial pressure to cash out traditional retirement savings plans (e.g. pensions, LIRAs, RRSPs) for an investment with the promise of higher returns, ignoring any tax implications or the added risk of the ‘recommended’ investment. There is a relationship between risk and reward; generally, the higher the potential reward, the higher the risk. Be wary of any investment promising high returns that are marketed as low-risk – it’s another red flag of fraud.”
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
