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Are You Vulnerable to
Investment Fraud?
Many Canadians are vulnerable to investment fraud.
Take this test to see if you are at risk.
By Brenda M. Leong
(NC)-It's hard to imagine, but exposure to
investment fraud is a common occurrence in the lives
of many Canadians. In fact:
-
Aside from email spam, one-in-five Canadians
(20%) has been approached with an investment
fraud in the past three years.
-
Two-in-five Canadians (41%) have been approached
with a fraudulent investment opportunity at some
point in their lives.
-
One-in-20 Canadians has actually put money into
a fraudulent investment at some point in their
lives.
These findings, from a recent study on investment
fraud by the Canadian Securities Administrators,
suggest that we all need to learn how to protect
ourselves from unscrupulous characters who make a
living defrauding trusting investors.
For
seniors and pre-retirees, who have less time to
recover from an investment gone wrong, the need to
learn self-protection is especially important.
Here's a quiz to help you find out if you could
become a victim of investment fraud. Answer each
question honestly, then add up your score to find
out your level of vulnerability.
How do you feel about your current
financial situation?
Dissatisfied (0)
Neutral (1)
Fully satisfied (2)
Not
sure (0)
Do you have financial goals? (Select
all that apply)
Short-term-less than 1 year (1)
Mid-term-1 to 5 years (1)
Long-term-more than 5 years (1)
No
specific financial goals (0)
How involved are you in your
financial affairs?
Not
involved (0)
Moderately involved (1)
Very
involved (2)
What do you look for in a financial
adviser? (Select all that apply)
Gender (0)
Age
(0)
Appearance (0)
Affiliations (2)
Credentials (2)
Compatibility (0)
How do you make investment decisions?
(Select all that apply)
Tip
from someone you know (0)
Investment's past performance (0)
Detailed written material (2)
Suitability to my situation (1)
I
let my broker/spouse/other decide
for
me (0)
What the quiz says about you:
The
highest score possible is 14.
If
you scored 10 or above: you are less likely than
most to become a victim of fraud. You have goals and
realistic expectations, and you aren't sidetracked
by external influences.
If
you scored between six and nine: you are at some
risk of making investment decisions that could go
wrong. You might buy into an investment that's not
right for you, or choose a financial adviser for the
wrong reasons.
If
you scored five points or less: a fraud artist would
love to meet you. You are likely too trusting of
others and don't ask enough questions. You may also
place more importance on your rapport with people
than on their credentials.
The
truth is that no one cares (or should care) about
your hard-earned money as much as you do. The B.C.
Securities Commission has tools and information to
help you make wise decisions before, during, and
after you invest.
You
can learn more at
www.investright.org.
Brenda Leong is Executive Director of the British
Columbia Securities Commission.
Credit: www.newscanada.com
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