Scams And Frauds Targeting Saskatchewan Residents

Released on January 14, 2019

• Phishing – Any email falsely claiming to be an established legitimate organization such as a financial institution, business or government agency in an attempt to have the consumer give private and personal information.
• Service scam – Any false, deceptive or misleading promotion of or solicitation for services.  These solicitations involve third parties that commonly make offers for telecommunications, and internet finance services.
• Prize scam – Any false, deceptive or misleading solicitation advising victims they have won or have a chance to win something, but are required to purchase something first or pay an advance fee, such as taxes, to receive the prize.
• Sale of fraudulent securities – Sale of investments that do not exist.
• Recovery scam – A victim who lost money in a previous scam, is approached by someone claiming to work for a government agency, private company or consumer organization and told that they can help recover the lost money for a fee.
• Extortion – Any person who unlawfully obtains money, property or services from a person, entity or institution, through coercion.

• Be very cautious when speaking to people on the phone you do not know.
• If someone emails, texts or calls asking for personal or banking information, do not provide the information.
• Never wire money to a stranger.
• Never make a cheque payable to a financial advisor personally or to a financial advisor’s personal company, it should only be payable to the registered dealer or issuer of the securities.
• If someone contacts you about an investment opportunity, contact a professional adviser.
• If you are investing money, check and make sure the person you are sending money to is a registered professional (http://aretheyregistered.ca/) with the Canadian Securities Administrators.