Young Money With Tracey Bissett

In Canada, the top scam is an investment scam that cost Canadians over $163 million in 2021. Any solicitation for investments into false or deceptive investment opportunities falsely promises higher-than-normal returns, but—unsurprisingly—investors lose most or all of their money. Ongoing investment scams include cryptocurrency, fixed income, the "pump and dump," Ponzi, Initial Coin Offerings, franchise/business opportunities, Gem, and Pyramid. In this episode, I will be sharing information on each of these and giving tips on how to avoid these scams moving forward. Unfortunately, once you've sent money to a scammer, it's probably no longer accessible. However, it is still recommended to tell your bank or credit card company about the scam so you can protect your accounts from further harm. Listen in as I explain who to report these frauds to, as well as how this can help others moving forward. ”Reporting an investment scam won't undo the damage done, but it may save others from falling victim to the same fra