The New Brunswick Financial and Consumer Services Commission issued a consumer alert after New Brunswickers reported losing more than CAD 6 million to investment frauds and scams in 2024, around five times the CAD 1.2 million reported lost in 2023. The Commission also highlighted losses of more than CAD 39,000 to recovery pitch scams that target prior fraud victims. The Commission noted that complaints and inquiries continue to be dominated by frauds related to investments, cryptocurrencies and digital assets. It urged residents to verify that anyone offering investment advice or buying and selling investments for New Brunswickers is registered with the Commission, and to use its online registration check before providing money or personal information. The Commission revived its Permission to Pause campaign, running through Fraud Prevention Month, encouraging checks of licensing and registration for a range of financial decisions. It also pointed victims to its Submit a Complaint tool and said it is supporting the Canadian Fraud Forum by sharing weekly social media content from the Canadian Anti-Fraud Centre, the Royal Canadian Mounted Police, and the Competition Bureau.
New Brunswick Financial & Consumer Services Commission 2025-03-04
New Brunswick Financial and Consumer Services Commission warns residents after reported investment scam losses exceed CAD 6 million in 2024
The New Brunswick Financial and Consumer Services Commission issued a consumer alert after residents lost over CAD 6 million to investment frauds in 2024, a significant increase from the previous year. The Commission highlighted frauds related to investments, cryptocurrencies, and digital assets, urging residents to verify investment advisors' registration. It revived its Permission to Pause campaign during Fraud Prevention Month and is collaborating with the Canadian Fraud Forum to disseminate anti-fraud content.