Alberta Securities Commission warns of new work-from-home scam

The Alberta Securities Commission is warning of a new scam in the face of the COVID-19 pandemic.

A release from ASC states that they have discovered potentially fraudulent ads that offer the opportunity to work as a trader in the financial market from at home, along with training on trading stocks that would net the applicant a large percentage of profits.

These firms are demanding a fee from the applicant to sign up.

ACS does not believe that the firms nor the fees are legitimate, according to the release.

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“Day trading on the stock or foreign exchange markets is inherently high-risk and usually requires professional training and advanced software. The extreme volatility of current market conditions compounds the level of difficulty in achieving the high returns the ads claim,” ACS stated.

“In Canada, anyone in the business of trading securities must be registered with the securities regulator in each province or territory where they do business, unless an exemption applies. To become registered, individuals need to meet minimum proficiency standards.”

The commission believes that similar scams will increase in Canada as more people attempt to find alternative sources of income due to the coronavirus causing layoffs and requiring many people to stay home.

Anyone with information on scams is asked to contact ASC at [email protected] or at 403-355-4151.