Have you been the victim of a scam? Be sure to exercise caution because you might be targeted once again.
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is alerting the public about the so-called “recovery pitch” or “victim list” scams.
The “recovery pitch” scam is where consumers are contacted by someone who claims they can help you recover all or some of the funds lost in a previous scam. This person may in fact be the individual who scammed you initially. They may pretend to be a member of law enforcement as a way to gain credibility.
The “victim list” scam involves a list that is shared or sold among scam artists. Once you have been the victim of a scam, your name goes on the list. Scammers will then use this in the hopes that you will fall victim to another scheme.
“Be wary of anyone claiming they will be able to recover your money that was lost on a previous investment or scam,” Deputy Director of Enforcement with FCAA Harvey White said in a press release.
“Whether someone contacts you directly, or you happen across a recovery website on your own, anyone proposing to get back your money from a previous scam, should be treated with caution. Typically, it is all but impossible to recover money lost on an investment scam. While it may be tempting to work with these folks, who tend to promise large settlements in exchange for small fees, we urge you to be cautious of such claims. If something sounds too good to be true, it often is.”
The FCAA says you should not talk to people calling out of the blue, particularly if they claim they can get your money back. Never give your banking information to someone over the phone or via text or email. Exercise caution and seek the advice of a professional advisor. Be suspicious if you are asked to pay with gift cards, bitcoin or other digital currency or if you are pressured to act quickly.
If you believe you have been contacted in such a manner, contact the Securities Division at 306-787-5936.
