BCSC InvestRight

BCSC InvestRight

October 30, 2012 12:00 ET

Investment Decisions Go Mobile: Be Fraud Aware Application Offers On-the-Go Protection Against Investment Fraud

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 30, 2012) -

Editors Note: There are two photos and a video associated with this Press Release.

Staying informed and alert is key to protecting against investment fraud. Research, background checks, and understanding the warning signs of investment fraud are all critical to making an informed decision on investment services. But not all decisions on how to invest are made following extensive consideration or in a familiar environment. Many times investment decisions are made quickly and under pressure, or at a seminar or group setting. The chance to invest is offered only within a short window and there is no time or tools available to stop and conduct a proper assessment of a proposed investment offer. The risk of investment fraud is high in situations like these.

Having information on the warning signs of investment fraud and the ability to spot and report a fraudster constantly at your finger tips would make navigating investment offers and decisions much easier. That is where the use of mobile phones and, more specifically, mobile applications, come into play. At home or on the road, a new mobile application from the BC Securities Commission's (BCSC) InvestRight program provides assistance in avoiding, spotting and reporting investment fraud.

The Be Fraud Aware application can be used on iPhone or iPad to stay informed with timely investor education and investor protection news, alerts about scams happening in British Columbia, and unbiased information on investment products or emerging fads.

The application (available for free in Apple's App Store) provides access to on-the-go protection from investment fraud through:

  • Up-to-date news and Investor Alerts
  • A 'Fraud Finder' featuring an easy-to-use guide to spotting investment fraud
  • A 'Risk Profiler' which provides a means of assessing your personal risk tolerance
  • The ability to complete a quick check of the CSA Disciplined Persons List to see if the person offering the investment services has been sanctioned or disciplined for misconduct
  • Access to the BCSC's Investment Caution List to determine if unregistered activity or unqualified securities are being promoted in British Columbia
  • A glossary of scam terms that can to be used to identify warning signs of common investment scams
  • The ability to connect to BCSCInvestRight on Twitter and YouTube directly through the app

Not only can the Be Fraud Aware application be used to navigate and assess potential investment fraud, but it can also be used to report it.

The iconic, red 'report fraud' button on the app allows individuals to act immediately and send information about potential investment fraud anonymously, to the BCSC.

Now, people sitting in an investment seminar or a meeting where they are asked to make a commitment on the spot can quickly and easily access information that will help them make an informed decision. They will also be able to report their suspicions and fears directly to the BCSC.

To view the photos associated with this press release, please visit the following links:

http://www.marketwire.com/library/20121029-Fraud_Aware_App.jpg

http://www.marketwire.com/library/20121029-Fraud_Finder.jpg

To view the video associated with this press release, please visit the following link: http://www.youtube.com/watch?v=iK7iNmJcEmA&feature=youtu.be

Contact Information

  • Media Enquiries:
    Richard Gilhooley
    Media Relations
    604-899-6713

    Public Enquiries:
    604-899-6854
    1-800-373-6393 (toll free)
    www.investright.org