REGINA — During March, which is Fraud Prevention Month, the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is releasing an informative advertising campaign for investors and consumers.
The campaign that spans province-wide informs investors and consumers about a type of investment fraud known as "pig butchering scams."
In 2024, over $3.4 million was reported lost in Saskatchewan to these scams.
A "pig butchering" scam is a type of long-term investment fraud where scammers build trust with the victims over time, often through social media or messaging apps. They may try to befriend the victim, develop an online romance with them or pretend to be a legitimate investment advisor.
Eventually, the scammer will recommend putting money into an investment opportunity with the promise of high returns. They will show falsified gains on these investments to encourage the victim to invest more. Once the victim has invested a significant amount or asks for a withdrawal, the scammer disappears with the victim's money. The scammers are often part of organized crime rings operating outside of Canada.
These types of scams are referred to as "pig butchering scams" because they are akin to fattening a pig before slaughter.
Red Flags to Watch Out For:
- Unsolicited messages from strangers.
- Unsolicited investment offers.
- Too-good-to-be-true returns.
- Pressure to act quickly.
- Requests for payments or personal information.
- Requests for large sums of money to unlock "earnings".
- Requests to keep the investment secret.
- Requests to access your computer.
- Pressure you to borrow money in order to invest.
How to Protect Yourself:
- Be cautious when approached by strangers online.
- Always verify that the investment person or company offering the investment is registered in Saskatchewan. To check registration, visit The Canadian Securities Administrators' National Registration Search at .
- Never send money to someone unless you have verified their identity.
- Know exactly what you are investing in and 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.
If you think you have been targeted or are the victim of a pig butchering scam, contact the FCAA's Securities Division at 306-787-5936.
