Crime of the Week: Binary Options Fraud
Crime Stoppers and the Financial and Consumer Services Commission (FCNB) are warning the public about the proliferation of investment fraud involving binary options. Many New Brunswick investors are being approached to open online accounts to trade in binary options, which are essentially a wager as to whether the price of a financial asset will go up or down. Investors are being approached by telephone or through advertisements on the internet.
Complaints involving binary options are by far the most common complaint received recently by the FCNB. To date, all such complaints appear to involve illegitimate operations. Once money is sent to these operations, it is likely impossible to recover.
FCNB has resources to help you recognize the signs of investment fraud; visit www.fcnb.ca to learn more. If you have any information on this illegal activity and wish to remain anonymous, please contact Crime Stoppers by calling 1-800-222-TIPS (8477), texting TIP212 + your message to ‘CRIMES’ (274637), or by Secure Web Tips at www.crimenb.ca. Crime Stoppers will pay up to $2,000 for information leading to an arrest.