Binary Options Scams Take Centre Stage
According to the Canadian Securities Administrators (CSA), Binary Options are the fastest growing form of investment fraud in Canada.
“take the form of a wager in which investors bet on the performance of an underlying asset, often a currency, stock index, or share, and the timeframe on this bet is typically very short, sometimes hours or even minutes. When the ‘investment’ period is up, the investor receives a predetermined payout or loses the entire amount.”
Because of the growing prevalence of Binary Options scams in Canada, the CSA launched a new website this March for Fraud Prevention Month. The site, binaryoptionsfraud.ca seeks to educate and warn Canadians how to protect themselves from these offshore scammers.
The site provides several tips for detecting and avoiding these scams, as well as instructions on what to do if you or someone you know has been targeted.
Tips include:
- Never send money to anyone you don’t know, on the Internet or over the phone.
- Never give out sensitive personal information online or over the phone.
- Always research investments before making a commitment.
For more information, please visit binaryoptionsfraud.ca