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Financial Literacy Month with Financial and Consumer Affairs Authority

Released on November 3, 2023

This November, to mark Financial Literacy Month, the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) will help investors learn about crypto investment scams through a month-long social media campaign.

"Unfortunately, the trend we are seeing is that crypto investment scams are prevalent all over the country and Saskatchewan is no exception," FCAA Enforcement with the Securities Division Director Brett Wawro said. "We want investors to know that these scams are out there and to have the information they need to spot them before it's too late."

The campaign will focus on sharing "scam facts," such as information, trends and typical aspects observed in crypto online investments scams that are happening in the province. These insights will help investors learn more about crypto scams and the serious consequences that can result from investing in a fake crypto opportunity.

For example, the campaign will alert investors that: 

  • In the last six months, the average loss to crypto investment scams reported to the FCAA was $75,000.
  • Most Saskatchewan victims started researching crypto investments online and were then targeted by scammers after providing personal information. If you research crypto online, you may make yourself a target.
  • The most frequent victims in Saskatchewan are men 45 to 65 who are worried about missing out on big returns in crypto investments.
  • It is not easy to spot a scam investment website. Most victims were reassured by the sleek graphics that scammers can create in just a few hours. A good-looking website doesn't mean it's a real investment.
  • There are only 13 registered online crypto trading platforms in Saskatchewan. If you are not dealing with one of them, you may be putting yourself at risk. 

Investors can follow these tips to protect themselves:

  • Always verify that the person or company is registered to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators' National Registration Search. 
  • Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
  • Get a second opinion and seek professional advice about the investment.
  • Do not allow unknown or unverified individuals to remotely access your computer.

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For more information, contact: 

Lauren Caza
Financial and Consumer Affairs Authority
Regina
Phone: 306-787-5567
Email: lauren.caza2@gov.sk.ca

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