By Alex McCuaig

Investor Alert

Securities regulator warning of COVID-19 scams

Mar 27, 2020 | 11:12 AM

CALGARY, AB – An investor alert has been issued by the Alberta Securities Commission warning of home-trading scams being circulated in the province with the regulatory body expecting a number of such frauds as individuals seek alternative income due to the COVID-19 crisis.

The ASC says potentially fraudulent ads are claiming to be able to train inexperienced individuals, without a licence, on trading stocks or currency on the exchange market and stating traders can keep a large percentage of profits.

The illegitimate firm then demands payment of fees which are fraudulent, the ASC alleges, warning that stock and foreign exchange markets or inherently high risk, especially in the current environment.

The provincial securities regular is reminding the public that anyone in the business of trading securities must be registered in the province after meeting minimum proficiency standards.

ASC is also warning investors about companies claiming to have products or services which will prevent, detect or cure COVID-19.

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Canadian Emergency Benefit scam

The federal department of finance is also warning of a scam related to COVID-19.

The department posted on Facebook that a text message telling people they’ve received a Canadian Emergency Benefit deposit is a scam. The department advises people not to answer or click the link. Simply delete the text and warn others.

Medicine Hat Police Service shared the post on its page this week.