The province urges residents to check registration status of an entity at aretheyregistered.ca before investing. FILE PHOTO/POSTMEDIA NETWORK An impersonation scam using photos of Scott Moe to fake endorsements for an online investment platform is circulating on social media, the province warned this week.
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The FCAA (Financial and Consumer Affairs Authority of Saskatchewan) informs Saskatchewan investors that Premier Scott Moe does not endorse or advertise any investment platforms, stated a government news release issued Wednesday.
The province also issued an alert Thursday of a scam that uses Prime Minister Mark Carneys image and fake social media posts to entice people to put money into an online investment platform called XBTDirect.
The platform is not registered with the FCAA, said a news release, which also warns of the online entity using the website xbt-direct net.
Always check the registration status of an entity at aretheyregistered.ca before you invest, and do not deal with any unregistered entities, said FCAA securities division executive director Dean Murrison in the release. Scammers often create fake social media posts claiming a notable figure is endorsing an investment.
A similar alert issued by the province in June warned of a scam targeting Saskatchewan residents using Carneys image and fake news articles. It was designed to look like the prime minister was endorsing an online investment platform called InvestCanada and a trading platform called BigProfitPulse.
Thursdays release also includes tips for residents to protect themselves from these types of scams:
- Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives.
- Know exactly what you are investing in. 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.
- Never make an investment decision based solely on a notable figure endorsement.
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