March 9, 2022 Fintech Organization

Montréal – In 2021, the Autorité des marchés financiers (AMF) received nine times more reports of attempted fraud involving cryptoassets than in 2020. In most cases, fraud schemes are orchestrated by well-structured, highly organized networks, most of which operate from outside Canada. That is why, during this Fraud Prevention Month, the AMF is once again stressing how important it is for Quebeckers to exercise extra caution when considering investment opportunities posted on social media, especially when it is a question of acquiring and trading cryptoassets.

“Solicitations on social media, flashy ads and the use of influencers to promote their tokens are some of the tactics fraudsters use to reel in their victims. The best defences against fraud, scams and abuse are caution and vigilance,” said AMF President and CEO Louis Morisset.

Fraud Prevention Month: two campaigns

Fraud is a source of concern for the AMF all year round. Because prevention and raising awareness continue to be the best ways to equip Quebeckers with the tools they need and to develop good vigilance practices, over the past few months the AMF has rolled out a digital awareness campaign on the risks associated with cryptoassets. Two rounds of videos This link will open in a new window were posted on platforms that are popular with young people. This campaign will continue in March.

During Fraud Prevention Month, the AMF is also launching a new campaign to raise fraud awareness among Quebeckers hoping to make a quick profit with cryptoassets: If you’re interested in cryptoassets, you can be sure scammers are interested in you! Be careful!

Before investing in cryptoassets

Before you invest in cryptoassets or any other type of asset through a broker, a representative or an on-line trading platform, it’s important to check if the person or platform appears in the Register of firms and individuals authorized to practise. Information to help you recognize cryptoasset fraud schemes is also available on the AMF website.

If you have any questions, please contact us.

The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.

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