简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Beware of investment fraud! CSA warns of rising scams & false advice on social media. Verify sources before making financial decisions. Protect your interests!
The trade association for state and municipal securities agencies, the Canadian Securities Administrators (CSA), has issued a warning letter in response to the rise of investment fraud and false financial advice. As financial advice has spread widely via social media, the CSA highlights the need to independently verify information sources before making financial decisions.
Stan Magidson, the chair of CSA and CEO of the Alberta Securities Commission, asserts that the nation is at risk from investment fraud since these schemes have become more sophisticated and widespread. Magidson emphasizes how important it is for people to protect their financial interests by being aware of common scams and making them aware that sources of investing advice are reliable.
The CSA's alert aligns with international financial authorities' attempts to stop financial market fraud. To prevent investors from becoming victims of scams, regulators in several nations, including the UK, Cyprus, and Belgium, often release lists of fraudulent platforms and issue warnings.
On the internet, online financial advice has revolutionized retail investment and fostered illegal activity. Con artists exploit vulnerable people, notably during the COVID-19 epidemic, increasing financial theft.
According to new data, fraudsters often target investors on Facebook, WhatsApp, and Telegram. Due to this, the CSA urges users to use caution when obtaining financial advice from social media platforms and to evaluate the reliability of these sources.
The CSA identifies numerous fraudster methods, including claims of minimal risk mixed with demands for rapid action, pledges of loss recovery, and guarantees of very substantial or guaranteed rewards. To lessen the likelihood of becoming a victim of these frauds, the CSA advises individuals not to depend only on online information or influencers supporting investment advice.
When one is unclear about the authenticity of information sources, they recommend consulting with professional and registered investment advisors or other financial experts.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
California Attorney General Rob Bonta recently announced a $3.9 million settlement with Robinhood Crypto, LLC, following an investigation into the company's practices. The settlement addressed Robinhood's failure to allow customers to withdraw their cryptocurrency from their accounts between 2018 and 2022, as well as its incomplete disclosures regarding trading and order handling arrangements.
A 51-year-old salesman lost RM904,000 after being deceived by an online stock investment scam that he discovered through Facebook.
Marathon Digital Holdings (NASDAQ: MARA), the largest publicly listed Bitcoin (BTC) miner, recently completed a significant $300 million fundraising effort. The company used $249 million from this to acquire Bitcoin.
FTMO partners with AlgoBuilderX to provide advanced algorithmic trading tools for cTrader. FTMO clients can now access a 25% discount on AlgoBuilderX services.