An increase in fraudulent investment opportunities involving cryptocurrencies has the Saskatchewan Financial and Consumer Affairs Authority issuing a reminder about how fraudsters will try to get investors to part with their money. 

The FCAA stated that very often, fraudsters will use online ads, and pop-up ads, that highlight high returns with low risks, giveaways and fake customer reviews. They will also send messages on social media sites such as Facebook or LinkedIn. 

With the situation for cryptocurrencies being somewhat complicated, according to the FCAA, they are advising potential investors of some warning signs to keep an eye out for. They include the promise of higher-than-normal returns or even zero-risk investment. The FCAA points to the old adage ‘if it sounds too good to be true, it is’, adding all investments involve some degree of risk. 

Fraudsters will also use high-pressure sales tactics, and try to confuse the situation with complex documents and technical language, dismissing questions with answers that are inconsistent. 

To help protect themselves, the FCAA recommends investors do their research into the company and check their online reputation. As well, verify that they are registered and if they have a disciplinary history. Always be suspicious of promises of high returns, do let yourself be pressured and get professional advice before investing in a product or service.