Trinidad and Tobago Securities and Exchange Commission (“TTSEC”) will launch a new mobile application to the public on Wednesday 4th August, 2021, aimed at improving the ease with which investors can submit complaints to the TTSEC and members of the public can submit a tip or report a scam.
The TTSEC Investor Protection Mobile Application (“App”) was developed in response to the changing consumer dynamics and the growing demand for organisations to adopt measures and systems to facilitate the delivery of contactless services.
The App will allow members of the public to submit real-time information or tips to the TTSEC in the form of documents, images, video and audio files direct from their smartphone devices. The App will also facilitate the expeditious dissemination of investor alerts and useful information to the public.
Since COVID-19 was declared a pandemic in March 2020, the TTSEC has noted with concern the rise in pyramid-type investment scams that are being marketed to consumers online and in chat groups. Research has shown that persons are spending an increasing amount of time online and on their mobile devices thus presenting a captive market to online scammers. In 2020, there were 1.08 million internet users with 860,000 on social media in Trinidad and Tobago. Locally, the use of Facebook, via mobile devices, increased substantially from i38% in April, 2020 to71% in June, 2021.
The new and evolving environment in which this country, and indeed the world, are currently faced, led the TTSEC to develop the Investor Protection Mobile Application for enhanced accessibility by investors and the public. The TTSEC Investor Protection Mobile Application is the first of its kind to be introduced in Trinidad and Tobago and within securities markets in the region.
The App will augment the TTSEC’s well-established investor complaints system, which allows for the submission of complaints and tips via its corporate website athttps://www.ttsec.org.tt/about-us/investor-complaints/, email [email protected]; formal correspondence and by telephone.
Through the use of the TTSEC Investor Protection Mobile Application, it will be easier and quicker for investors and members of the public to:
• Submit complaints on investments and investment offerings, • Anonymously provide tips on investment fraud/scams,
• Safely and securely submit tips and complaints to the TTSEC, and
• Interact with the TTSEC.
Key Features include:
• In App complaints online form,
• Submission of a tip in the form of documents, images, videos and audio files,
• Live interactive Chatbot – ‘Investobot’ to aid in navigating the app,
• Quick access to the List of Registered Registrants,
• Quick access to the List of Registered Securities/Investments,
• Daily Investor updates and helpful guidance, and
• Investment Fraud Awareness – which focuses on the different types of scams that exists locally e.g. pyramid schemes.
The TTSEC is committed to protecting investors from unauthorised (scams) investments and any investment activity that contravenes the Securities Act Section 83:02, and/or other related legislation. The TTSEC Investor Protection Mobile Application, doing more so that you can invest with confidence. The app will be available for download via the Google Play and Apple Store on Wednesday 4th August, 2021.