FREDERICTON — People who fell for a website hyping a too-good-to-be-true investment opportunity for New Brunswick's coastline got lucky: The scam wasn't intended to trap potential investors, but to teach them.
The site was created by New Brunswick's Financial and Consumer Services Commission, who decided that a good way to educate people about real investment scams was to launch their own fake investment scheme.
The commission created TydeCoyn.ca, a website boasting a chance to invest in "Atlantic Canada's first cryptocurrency token that marries tourism promotion and environmental activism."
Erin King, FCNB's senior education and website officer, says the website was launched to show potential investors all the "red flags" they should watch for to avoid scams, such as vague wording and a countdown clock to create some urgency to investing your money.
King says more than 4,500 people have visited the site since October, and 222 people who sought to invest or get more information were considered as potential victims.
Anyone who clicked a link on the site was taken to FCNB's education page.
King says it's unknown if anyone in New Brunswick has been duped in an Initial Coin Offering (ICO) fundraising scheme involving cryptocurrencies.
She says the U.S. Securities and Exchange Commission ran a similar education program this summer.