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March Is Fraud Awareness Month: Watch Out For Predatory Investment Scams

Released on March 30, 2022

Digital investment tools and new technology have enabled fraudsters to target large numbers of Canadians. This Fraud Awareness Month, the Financial and Consumer Affairs Authority of Saskatchewan warns residents to be vigilant when considering investment opportunities, to watch for warning signs of fraud, and to protect themselves from financial predators.

"Knowledge is the best defense against scams," Financial and Consumer Affairs Authority Securities Director Dean Murrison said. "Promising risk-free investments or pressuring someone to make a quick decision are classic tactics fraudsters will use to lure you in. These scam operators are skilled and experienced, and it is easy to fall prey to their tactics. It is crucial that the public takes steps to protect themselves."

Here are some red flags to watch out for:

  • If it sounds too good to be true, it probably is.
  • High returns on a low-risk investment.
  • "This is only available for you" pitch.
  • Pressure to make a quick decision.
  • Request for personal financial information.

What you can do to protect yourself:

  • Check the registration of the person or company selling or advising about investments. The CSA National Registration Search is a simple and free tool for investors to use to check registrations.
  • Check the disciplinary history for the person or company to find out if they have broken regulatory rules in the past. It is easy to do, using the Canadian Securities Administrators Cease Trade Orders database and the list of disciplined people and companies.
  • Know exactly what you are investing in. Take time to research the investment and see if it actually exists.
  • Seek professional advice about the investment.
  • Do not give out personal financial information to strangers.
  • Appearances can be deceiving: a sleek website, big words, or a polished presentation doesn't mean that it's not a scam.

If you have questions or concerns about investment fraud, contact the FCAA Securities Division at 306-787-5936. 

For more information about investment fraud, visit https://fcaa.gov.sk.ca/consumers-investors-pension-plan-members/investors/investment-fraud.

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For more information, contact:

Lana Guthrie
Financial and Consumer Affairs Authority
Regina
Phone: 306-787-5567
Email: lana.guthrie2@gov.sk.ca

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