CALGARY -- Many Albertans are convinced they will never fall victim to investment frauds, yet aren't able to pick out some of the most common red flags that come along with these schemes, a new report says.

The survey, conducted by the Alberta Securities Commission (ASC) in time for Fraud Prevention Month, polled 1,000 Albertans aged 18 and over between Feb. 14 and 19.

The results showed nearly half of respondents felt they would never be defrauded.

Even with that confidence, the ASC says nearly half or more of respondents couldn't identify common pitfalls such as:

Promises of high returns with low risk (47 per cent)

"Exclusive" or "time-sensitive" opportunities (48 per cent)

Tax-free investments (82 per cent)

Celebrity endorsements (79 per cent)

"The survey identifies clear knowledge gaps when it comes to understanding the various ways investment fraud can be conducted," said Hilary McMeekin, ASC's manager of communications, in a release.

She adds one of the biggest issues they deal with is affinity fraud, where details about a fraudulent investment are passed through friends and family.

According to the survey of people who were approached with a potential investment scam, 22 per cent were introduced to it through a personal connection.

"Investors should be cautious and research every investment opportunity, even ones that come from those we trust. While not all investment opportunities recommended by someone you know are fraudulent, it’s important to be vigilant."

The ASC says Albertans need to be aware of red flags and take simple steps to protect themselves such as conducting research and seeking professional advice.

Residents looking for investment advice can also go to CheckFirst.ca, a website that provides information about an individual's or company's registration to ensure the investment is legitimate.

"By understanding the common red flags of investment fraud and reporting fraudulent activity to the ASC, Albertans can protect themselves and others from falling victim to fraud," McMeekin says.

The ASC says the website can also teach Albertans more about investment fraud by providing free tools and resources to help them make wise financial decisions.