Saskatchewan Gives Tips to Avoid Becoming a Crypto Scam Victim

The Government of Saskatchewan dispensed advice to help the investing public avoid becoming victims of cryptocurrency investment scammers. The Canadian provincial government offered these tips enumerated in a press release dated April 1, 2021. 

We value this latest news about the Government of Saskatchewan. It demonstrates the authorized body’s sheer care for their constituents. We also find that this government organization is mindful of the present times involving increased cryptocurrency fraud incidences.

The Government of Saskatchewan relayed that Canada’s Financial and Consumer Affairs Authority had warned the investing public of flashy cryptocurrency investment marketing with promises of high financial returns. According to the report posted online by Canadian Broadcasting Corporation’s English-language online service CBC.ca, these scams reportedly target people seeking to grow their income for their retirement years.

The Saskatchewan government pointed out that cryptocurrency investment scammers make sham websites that feature online advertisements, highlighting low risks and high returns. Additionally, these fraudsters reportedly employ pop-up marketing advertisements that comprise hoax customer reviews or promote cryptocurrency giveaways.

Scammers also dispatch private messages on Facebook and other social media websites, and their profiles appear legitimate. They pretend to be senior executive officers, and their social media profiles showcase phony investor references. Finally, the Government of Saskatchewan said that cryptocurrency investment fraudsters use fake recommendations on social media websites, appearing to come from a user’s friend. 

These unscrupulous techniques aim to convince the public to separate from their hard-earned money to achieve huge returns. The Government of Saskatchewan provided the following pieces of advice. They said that these steps could safeguard people from swindlers.

1. Be suspicious of massive financial returns.

Swindlers typically use the promise of higher-than-normal investment returns to entice investors. People should know that if something sounds too good to be true, then it is.

2. Conduct thorough evaluation and research.

The Government of Saskatchewan cited that people can protect themselves from fraudulent cryptocurrency investments by researching a company’s reputation online. They also highly recommended that potential investors examine the firm’s website, watch out for statements that appear too amazing to be true, and read investor reviews from other sources.

3. Prevent oneself from getting pressured to make fast investment decisions.

 Cryptocurrency investment swindlers usually employ high-pressure sales tactics and insist people to buy. Plus, these scammers may tell their potential victims that there is no time to ask for professional advice. 

The Government of Saskatchewan cautioned that these practices are red flags because legitimate firms will normally provide investors with the choice to get a second opinion before buying a service or investing.

Besides these helpful tips, we also want to advise potential investors that investing in virtual assets involves a high degree of risk. Therefore, we want to warn them that they should not believe the offers claiming to be risk-free. 

Cryptocurrency investing is a very complex endeavor. Investors may find themselves in a scenario where they feel uncertain about the investment opportunity. With the Saskatchewan government’s assistance, we believe that more people will become knowledgeable and empowered to avoid cryptocurrency investment scammers.