The Risk of Investment Opportunities on Social Media
VANCOUVER -- March is fraud prevention month.
Doug Muir with the B.C. Securities Commission joined CTV Morning Live and shared findings from a recent survey about the correlation between investment attitudes and age.
A lot of investment attitudes were centered around FOMO or a fear of missing out.
The study suggested 38 per cent of adults in British Columbia who were surveyed agreed that social media is a good source of investment opportunities.
Comparitively, just eight per cent of adults over 35 felt the same way.
Muir shared that the survey also found that 41 per cent of younger adults surveyed felt it was important to act quickly on investment opportunities.
For older adults that number dropped to just 17 per cent.
It is becoming increasingly common for fraudsters to prey on people on social media.
There is one major warning sign Muir shared that people should watch out for: when an individual or post claims that an opportunity is exclusive or available only to select people, it is typically fraudulent.
Most legitimate investments for ordinary British Columbians are available to anyone with money to invest.
Check out the video for more tips from the B.C. Securities Commission.