If you think you’ve been swindled by a swine butcher scam, you might be right.
The Financial and Consumer Affairs Authority (FCAA) of Saskatchewan is warning investors and consumers about “pig butchering scams” during Fraud Prevention Month.
These scams cost Saskatchewan residents over $3.4 million in 2024. The FCAA is launching an advertising campaign to help people avoid falling victim to this type of investment fraud.
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“Pig butchering scams” are a type of long-term investment fraud where scammers build trust with victims over time, often through social media or messaging apps. Scammers may pretend to befriend the victim, develop an online romance, or pose as legitimate investment advisors.
The perpetrator eventually suggests an investment with high returns. They show fake gains to encourage the victim to invest more money. Once the victim tries to withdraw funds or has invested a large sum, the individual disappears. The scammers are often part of organized crime rings operating outside of Canada.
Common warning signs include unsolicited messages, too-good-to-be-true returns, pressure to act quickly, and requests for secrecy or personal information. Scammers may also ask to access your computer or push you to borrow money to invest. They may request large sums of money to unlock supposed “earnings.”
The FCAA advises people to verify the registration of any investment person or company at aretheyregistered.ca. They also recommend never sending money to unverified individuals and seeking a second opinion before investing. It is important to fully understand how an investment, product, or service works before committing any funds.
For more information, visit fcaa.gov.sk.ca.
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