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Saskatchewan’s financial regulator is warning residents to stay away from an online trading platform targeting people in the province without a licence.
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) issued an official alert regarding Shoreline Direct, an online entity operating through the website “shorelinedirect.net.”
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According to the regulator, the platform claims to offer trading opportunities in foreign exchange (forex), stock indices, commodities, and cryptocurrencies. However, the company is not registered to trade or sell securities or derivatives in Saskatchewan.
“The FCAA cautions Saskatchewan residents to check the registration status of investment entities at aretheyregistered.ca before investing with anyone,” said Dean Murrison, Executive Director of the FCAA’s Securities Division in a news release on Sept. 11.
“Checking registration is the quickest and easiest way to make sure who you deal with is a legitimate business.”
Officials stress that registration laws are in place to ensure that only honest, knowledgeable people are allowed to sell investments, and to verify that their businesses are financially stable. Sending money to unregistered companies carries a high risk, as they may not be legitimate operations.
The FCAA is advising anyone who has already invested money with Shoreline Direct, or spoken with individuals claiming to represent them, to contact the FCAA’s Securities Division immediately at 306-787-5645.
To protect yourself from online investment scams, the FCAA recommends the following steps:
- Always verify registration: Check the Canadian Securities Administrators’ National Registration Search at aretheyregistered.ca before handing over money.
- Understand the product: Never buy into an investment, product, or service if you do not completely understand how it works.
- Get a second opinion: Seek independent, professional advice before making any major financial decisions.
- Block remote access: Do not allow unknown or unverified individuals to remotely access your computer, phone, or other devices.
- Watch out for fake endorsements: Do not make investment decisions based on celebrity or notable figure endorsements, which scammers frequently fake on social media.
- Beware of recovery scams: Never forward money to anyone who contacts you offering to help recover money you previously lost in a scam.
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