TORONTO, March 10, 2015 /CNW/ - March is Fraud Prevention Month, and the Mutual Fund Dealers Association of Canada (the "MFDA") wants to promote fraud awareness and prevention among Canadian investors.
The MFDA maintains a comprehensive listing of fraud prevention websites and resources on the Investor Education section of the MFDA website. Investors are encouraged to visit the MFDA website to review these resources which provide information on identifying the red flags of fraud and protecting oneself from fraud.
In addition, for Fraud Prevention Month 2015 the MFDA has created an Online Fraud Awareness Quiz for Canadian investors. The Quiz can be accessed online on the Investor Education section of the MFDA website or directly at http://www.mfda.ca/investors/Quiz/Quiz-r-01.html. After answering each question of the Quiz, a simple yet in-depth explanation of the correct answer is provided that explains the fraud prevention and awareness concepts covered by the question. For example, the Quiz explanations set out specific actions investors can take to protect themselves from fraud, such as checking the disciplinary history and registration status of an advisor through the "Check an Advisor" section of the MFDA website.
"One of the MFDA's key mandates is the protection of Canadian investors, especially vulnerable investors such as seniors. The Fraud Awareness Quiz is a means for Canadian investors to test their fraud awareness knowledge, and to learn key methods that they can employ to protect themselves from investment fraud," said MFDA President and CEO Mark Gordon.
Other important subjects covered in the Quiz include the relationship between risk and reward, how to identify the red flags of fraud, the importance of buying securities offered only through the dealer, why signing a blank form may expose one to fraud, and actions that investors can take if they believe they are a victim of fraud.
Most importantly the Quiz highlights the need to report fraud if an investor believes that he or she has been a victim of fraud. The MFDA would like to remind investors that if one has any concerns about a security that they are being offered they can contact their mutual fund dealer's compliance department or report their concerns directly to the MFDA by dialing 1-888-466-6332, or emailing [email protected].
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 107 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.
SOURCE Mutual Fund Dealers Association of Canada
For further information: Ian Strulovitch, Director, Public Affairs, (416) 943-7425, [email protected]