How to Protect Yourself from Social Media Fraud

The Rise of Social Media Based Fraud CTV Morning Live finds out about social media-based fraud with Pamela McDonald, Director of Communications at the BC Securities Commission.

VANCOUVER — March is fraud prevention month.

Pamela McDonald, director of communications and education at The BC Securities Commission, joined CTV Morning Live to share how to avoid becoming the victim of social media-based fraud.

New research from the BC Securities Commission found that a significant portion of Canadians are getting investment information online, with 33 per cent get investing information from social media at least once per week.

Nine per cent purchased an investment in the past year that they learned about from social media.

Of those who recall seeing an onine investment opportunity, 55 per cent said it was about crypto assets.

McDonald emphasized that anyone can become the victim of fraud and the consequences can be devastating.

Fraudsters target people of all ages and demographics, which busts the myth that only certain kinds of people can become victims.

Investors can help protect themselves from fraud by becoming a knowledgable investor and learning the fraud warning signs.

The BC Securities Commission has a variety of blogs and video resources available at investright.org.

Check out the full video from CTV Morning Live to learn more.