Friday 30 October, 2020

TTSEC campaign to teach citizens to guard against 'sou sou' schemes

The Trinidad and Tobago Securities and Exchange Commission (TTSEC) is rolling out a range of public education initiatives on financial resiliency.

This is part of an online campaign to raise awareness following the rise of pyramid schemes in recent months.

The campaign is in in collaboration with the International Forum for Investor Education (IFIE) Caribbean Working Group (CWG), in celebration of World Investor Week (WIW) 2020 (October 5-11).

The campaign will focus on preserving one’s hard-earned money; protect one’s hard-earned money from Investment Scams and Fraudulent activity and increased awareness about fraud, the avenues for redress, and how to lodge a complaint.

As part of its activities, the TTSEC will focus on encouraging wise financial planning, saving, budgeting, investing for the future and avoiding scams.

Blog articles, which outline the basics for any investor, will be accessible on TTSEC’s Investor Education website www.investucatett.com .

Investor protection will also be addressed.

The TTSEC noted financial and socio-economic impacts of COVID-19 highlighted the need for this with the rise of illegal investment offerings, such Pyramid Schemes.

TTSEC said the campaign will also seek to raise awareness among citizens about protecting their money, particularly during times like these, where persons may be vulnerable and easily susceptible to quick money-making scams.

It will focus on the importance of investing, only in registered products and consulting only registered individuals; who to complain to; and tips on how to avoid scams.

On its efforts in raising Fintech Awareness, TTSEC noted that ii launched its regulatory Innovation Hub earlier in October to provide guidance to businesses seeking to expand their technological products services to virtual assets.

An FAQ brochure on Fintech has also been developed by the Regulators to facilitate learning and to encourage citizens to become familiar with Fintech terminology, and the advancement taking place with financial technology in Trinidad and Tobago.

For more information visit the TTSEC’s social media pages: Facebook, LinkedIn, Twitter, Instagram or visit its websites: http://www.ttsec.org.tt http://www.investucatett.com.

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