The number of inquiries and complaints about investment-related fraud rose by more than a 50% last year, according to the Ontario Securities Commission.

Since March is Fraud Awareness Month, the OSC is offering advice on how Canadians can protect themselves and their money.

According to the OSC, common complaints involve tax avoidance schemes, “prime bank” fraud, offshore investments, high-pressure sales tactics, Ponzi schemes, as well as fraudulent high-return, no-risk investments.

Inquiries about “double-dip” schemes (scams where victims are targeted more than once) are increasing, and investors should be aware of common double-dip tactics scam artists use to manipulate their victims.

These schemes often begin with an unsolicited phone call geared to attracting people to a fake investment opportunity. The scam artist requests money; once received, he or she may hold onto the victim list to expand his or her scam in the future, or possibly sell it to other scam artists for profit. In either case, the same victims are contacted again (the double-dip) and are manipulated into believing an anonymous investor is ready and prepared to pay a fabulous price for the shares, as long as a fee is paid up front by the victims.

In reality, the scam artist pockets this fee – and the original investment — and may target the same victims several more times by requesting even more money, turning it into a triple or quadruple-dip scheme.

Double-dip schemes are intentionally set up to unfold across several jurisdictions, making it even more difficult for victims to figure out how to report the situation or recover the so-called investment. As well, victims may be embarrassed to admit they’ve been scammed twice.

“What’s most disturbing is the existence of a scam artist network out there preying on the same investors over and over,” says Perry Quinton, manager of investor communications at the OSC. “We can’t stress to the public enough that some investigation on their part is their best defence against frauds and scams. Investors should confirm that the person offering the investment opportunity is properly registered with the securities regulator before making an investment decision.”