Saskatchewan Warned of Crypto Scam Impersonating T. Rowe Price
Saskatchewan residents are being warned about a new investment scam targeting them through online platforms. The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has issued a statement alerting consumers to be cautious of websites audhjoy and an app called T-AlphaX that claim to offer investment opportunities involving cryptocurrencies and stocks.
The scammers, impersonating the legitimate investment firm T. Rowe Price Group, have been promoting their services through messaging and social media platforms. However, according to the FCAA, T. Rowe Price Group USA, T-AlphaX, and audhjoy are not registered with the FCAA to trade in or sell securities or derivatives in Saskatchewan.
The FCAA is urging consumers to verify that an investment firm is registered in the province before sending money. Dean Murrison, executive director of the FCAA's securities division, warned investors against making decisions based on online endorsements and emphasized that it is not unusual for entities to impersonate legitimate firms to gain trust.
The regulator also advised consumers to never send money to individuals claiming they can recover lost funds, as this is likely a recovery scam.