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The Government of Saskatchewan is warning of an increase in fraudulent investment opportunities involving cryptocurrency.

In a release, the province said the Financial and Consumer Affairs Authority (FCAA) is warning of flashy advertising with promises of high returns to target people looking to grow their income for retirement.

The province said the fraudsters are creating fake websites, and use ads, fake recommendations and private messages to convince people to part with their money and achieve big returns.

A few common methods are:

The province said cryptocurrency is very complicated, so investors may find themselves in a situation where they are unsure about the investment opportunity.

It said there are a few warning signs:

The province said there are ways people can protect themselves from fraudulent investments:

It said people should do their research, examine the website thoroughly and watch for statements that are too good to be true. People should also search the company's reputation online to see reviews from other sources as well.

People can also check to see if the person or company is registered, and check the details with the Canadians Securities Administrators National Registration search.

People can also use the Canadian Securities Administrators Cease Trade Orders database to check if the company has broken regulatory rules in the past.

Be suspicious of high returns and anyone promising an investment will perform a certain way, the province said.

Lastly, the province said people should not feel pressured to make quick decisions or get a second opinion through seeking professional advice before investing or buying a service.

Anyone who discovers a fraudulent investment opportunity, people are encouraged to report the scam to the FCAA Securities Division at enforcementfcaasd@gov.sk.ca or 306-787-5936.

More:
Sask. Government warns of increase in cryptocurrency investment scams - CBC.ca