Watch out investment scams targeting baby boomers: commission

File photo. File / Global News

EDMONTON – The Alberta Securities Commission is warning investors to beware of scams that could cost them money or earn them a reputation for fraud.

The regulator says scammers like to target baby boomers by preying on their fear that they haven’t saved enough for retirement.

The “hot” investment tip usually involves a high rate of return with little or no risk.

Alison Trollope, a spokeswoman for the securities commission, says such promises are a red flag for fraud.

The commission has some other tips for people pondering what to do with their money as the Feb. 29 RRSP deadline approaches.

Trollope says investors should avoid unregistered sales people and companies. When in doubt, people can check the registration by visiting the regulator’s website.

The securities commission is also warning against making investment decisions based on information from Facebook “friends” or social media chat rooms.

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She says the tip someone hears about from a relative, co-worker or stranger could be based on untrue information planted by a scammer in the hope of ripping people off.

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