The British Columbia Securities Commission (BCSC) is warning the public about a scam where fraudsters are offering a chance to work from home as securities traders during the COVID-19 pandemic.
The scam makes people believe that they can keep a large percentage of the profits as traders and they don’t need any experience or a licence.
However, a fees is demanded to become a trader.
Neither the firms nor fees are legitimate. It is a scam, BCSC warns.
In Canada, anyone in the business of trading securities must be registered with the securities regulator, and individuals need to meet minimum proficiency standards to register.
The BCSC expects that similar scams will continue to increase as Canadians become more vulnerable financially and look for alternative employment while staying at home.
Anyone who has information about these schemes is urged to contact the BCSC Inquiries line at 604-899-6854 or 1-800-373-6393 or to file a complaint online.