New Brunswickers reported losing more than $6 million last year to investment frauds and scams – that’s five times the $1.2 million reported lost in 2023.
In addition to investment scams, New Brunswickers reported losing more than $39,000 to recovery pitch scams. These scams target victims of previous investment fraud. Scammers claim to be an official who will help them recover all or some of the lost money for a fee, in an attempt to steal more.
“Frauds related to investments, cryptocurrencies and digital assets continue to dominate the complaints and inquiries received by the Financial and Consumer Services Commission of New Brunswick (Commission),” said Marissa Sollows, the Commission’s Director of Communications and Public Affairs. “And we’ve seen a noticeable increase in the dollars lost in 2024 compared to recent years.”
These figures come from the Canadian Anti-Fraud Centre (CAFC) Top Fraud Report, which collects information on fraud and identify theft nationally. However, they estimate that 95 per cent of fraud isn’t reported.
These staggering losses highlight the importance of taking a moment to verify who you are dealing with before investing your hard-earned money. Generally, anyone giving investment advice or buying and selling investments for New Brunswickers, needs to be registered with the Commission. Licensing and registration have specific requirements including education and background checks to further protect consumers. Since scammers will often fake these credentials to try and build trust, it’s critical to check with the Commission before sending them any money or personal information.
“Your best defence against fraud is taking the time to verify who you're dealing with,” said Sollows. “Visit FCNB.ca/Check-now to verify the registration of anyone offering investment advice or products and services.”
To help combat this issue, the Commission has revived its successful Permission to Pause campaign, which will continue through Fraud Prevention Month. With a nostalgic video game feel, the bilingual campaign encourages individuals making financial decisions like shopping for insurance, purchasing a home, taking out a payday loan or making investments to give themselves permission to pause and check the licence and registration of their financial service providers with the Commission before making any decisions.
“We want every New Brunswicker to pause and visit FCNB.ca/Check-now to verify the status of the professional they are considering working with,” said Sollows. “And, if they’re not licensed or registered to sell what they’re pitching, report it to the Commission.”
New Brunswickers who believe they have been targeted by fraud should use the Commission's Submit a Complaint tool. It will accept your report or point you to the proper organization depending on the type of fraud you’ve experienced.
In addition to its own Fraud Prevention Month efforts, the Commission is supporting the Canadian Fraud Forum by sharing weekly social media posts from the Canadian Anti-Fraud Centre, the RCMP, and the Competition Bureau. The forum provides Canadians with tools, resources, and strategies to help them recognize, reject, and report fraud.
Visit FCNB.ca to learn more about fraud prevention and how to check the registration status of financial professionals in the province.
Audio files of Marissa Sollows, Director of Communications and Public Affairs
The Financial and Consumer Services Commission of New Brunswick has the mandate to provide regulatory services that protect the public interest while enhancing public confidence, and to promote understanding of the regulated sectors through educational programs. It is responsible for the administration and enforcement of financial and consumers services legislation for mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, cooperatives, the unclaimed property program, and a wide range of other consumer legislation. It is a Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Online educational tools and resources are available at www.fcnb.ca.