Fraud Prevention Month is in March, and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has started a program to make people across the whole province more aware of this issue. The campaign focuses on the growing menace of fraudulent investment fraud known as "pig butchering scams."
In 2024, Saskatchewan residents reported losing more than $3.4 million to these frauds. Knowing about these scams and being able to spot the red flags is very important, as this disturbing fact shows.
What Are "Pig Butchering Scams"?
It's a complicated business scam that has been going on for a long time. Scammers use messaging apps and social media to get people to trust them by pretending to be friends, romantic partners, or even real financial advisors. By getting to know people and showing fake investment "gains," they "fatten the pig" and get people to spend more and more money.When scam victims try to get their money back or stop giving, the con artists disappear, taking the money and leaving the victim with empty promises. It is hard to get back the money that was lost because many of these operations are tied to international crime networks.
Red Flags to Watch Out For:
Unsolicited messages or investment offers from strangers.
Promises of high returns that seem too good to be true.
Pressure to act quickly or send money immediately.
Requests to keep the investment secret.
Requests for large sums of money to "unlock earnings."
Offers to remotely access your computer or personal information.
How to Protect Yourself:
Verify Registrations: Always confirm that the investment person or firm is registered in Saskatchewan. Use The Canadian Securities Administrators' National Registration Search.
Be Cautious Online: Be wary of unsolicited approaches from strangers, especially on social media.
Do Your Research: Fully understand the investment and how it works.
Seek Professional Advice: Consult a financial advisor or trusted expert before making investment decisions.
Protect Your Devices: Never allow unknown individuals to remotely access your computer.
If you believe you have been targeted or have fallen victim to this scam, please call the FCAA's Securities Division at 306-787-5936 for assistance. Watch out for these scams, tell others about them, and protect yourself and your community. Fraud Prevention Month is an excellent opportunity to share this knowledge and assist others in staying safe.
Gull Lake Events
Source: Government of Sask News
Comments