Fraudsters and scam artists are taking advantage of the COVID-19 situation.
The Financial and Consumer Affairs Authority (FCAA) warns the public about scams related to working from home.
In particular, the FCAA highlights potentially fraudulent ads from companies offering opportunities to work from home as securities traders during the COVID-19 pandemic.
These ads promise that traders will be able to keep a large percentage of profits. Moreover, you don’t need experience or a licence, although these firms do demand payment of fees.
In Saskatchewan anyone in the business of trading securities must be registered with FCAA, unless an exemption applies.
The FCAA believes similar scams will continue to pop up over the coming weeks.
Anyone with information about such schemes is urged to contact the FCAA Securities Division at 306-787-5936.
Finally, the FCAA is also warning investors about companies claiming to have products or services that will prevent, detect or cure COVID-19. As of right now, there is no vaccine or natural health product that is authorized to treat or protect against COVID-19.
Be wary of any claims that a company has a solution to help stop the pandemic.
Visit the FCAA's website for more information.
