RCMP voices concerns about binary options scams

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The RCMP has voiced concerns about the rise in binary options fraud cases across the country.

In an announcement made on Monday, the Alberta RCMP disclosed that in 2016 there were 8,317 fraud cases reported in Alberta RCMP jurisdictions between January and October. Of these cases, there was an increasing level of binary options scams.

According to the Alberta Securities Commission, Albertans who fall victim to the financial scheme suffer an average loss of over $20,000.

Edmonton man falls victim to binary options scam

The province saw a horrific case of the scam come to light when a 61-year-old Edmontonian committed suicide in December 2016, following a substantial monetary loss using online trading platform 23traders.com

See more at Edmonton man commits suicide after binary options deal goes wrong

There is a proposed ban in Alberta and Quebec to prohibit the offering, advertising and selling of binary options.

While a blanket ban has yet to be implemented, Alberta RCMP reminds investors that there are no registered binary options dealers in the province.

Read more at Finance Feeds

This article is summarized by Canadian Fraud News Inc.