SASKATCHEWAN – Saskatchewan RCMP report a $5.3 million lost to financial fraud in northern communities over the past four months.
Saskatchewan RCMP are warning the public of an increase in financial scams targeting residents of northern Saskatchewan.
Between Dec. 1, 2024, and March 31, 2025, Saskatchewan RCMP investigated 57 reports in northern Saskatchewan involving financial fraud and, in total, victims had reported approximately $5.3 million in financial fraud losses.
“The public needs to stay alert to fraud no matter where they are in the province. It’s important to keep an eye out because scams can happen anywhere and to anyone – scammers do not discriminate,” says Cst. Christian Stroet, an officer with the Prince Albert General Investigation Section. “We all need to listen to that little voice that tells you to walk away when something doesn’t feel right.”
Scammers are contacting victims by phone, email and social media and claim they have an investment opportunity or that they can return the funds the victim lost in a previous investment scam.
Investigators with the Prince Albert General Investigation Section determined the most common frauds that have been reported December to March 2025 have taken place through the following tactics:
Grandparent scams: a scammer pretends to be a grandchild or close relative of the victim and states that they are in a crisis situation, asking for immediate financial assistance.
Investment fraud: a scammer lures the victim using investment opportunities by creating links on various social media advertisements to steal investments.
These scammers often use popular, recognizable names of celebrities or people well known to the public, but will require funding outside the traditional banking system, such as cryptocurrency.
Payment scam: a scammer poses as a legitimate company or government agency, telling the victim that an item is being held or an account locked until payment is received.
Payment is then demanded through cryptocurrency or a gift card.
If you believe you’ve been a victim of a scam, Cst. Stroet says the best thing to do is immediately contact your financial institution to see if they can stop any ongoing payments. Victims are then encouraged to file a police report as soon as possible, as this will give investigators the best chance to have transfers frozen, cancelled, or reversed by banks and other service providers while the scam can be investigated. If you have been victimized and would like to report an alleged fraud, contact the Canadian Anti-Fraud Centre here.
“Victims often feel ashamed, but it’s important to remember that scammers are incredibly skilled in what they do and will give a convincing pitch for how much money victims can make in a short amount of time if they invest. This is the full-time job of a scammer,” adds Cst. Stroet.
Some warning signs of investment fraud may include the following:
-Investment opportunities with higher than normal returns
-Unsolicited telephone, email or social media investment offers
-Pressure to send money quickly/urgently
-Suspicious messages from a trusted source, like a “bank” or “family member”
-Cryptocurrency investments that are not registered with provincial or national securities regulators
-Contact pages that include an illegitimate address
“Financial fraud isn’t a simple scam. It’s complex with many layers so it may appear to be true,” says Cst. Stroet. “It is very unfortunate, as the funds used by the victim often represent most of their life savings, which they have been working years to accumulate. We do what we can to investigate but given the complexities and international aspects of these schemes, the likelihood of victims getting their money back is minimal. It’s still important to report these types of crimes because it identifies trends and provides police with the information they need to help stop fraudsters and help prevent others from becoming victims.”
Saskatchewan RCMP officers are currently investigating three recent files of financial fraud reported in northern parts of the province.
Business venture: A scammer created an “investment opportunity” ad though social media. The scammer called the victim and convinced them to send cryptocurrency after showing a fraudulent investment platform controlled by the scammer.
When the victim was unable to remove money from the “trading platform,” a different actor in the scam reached out to the victim claiming to be a “Recovery Agency” and offered to recover the money for a fee.
The victim reported nearly $350,000 in fraud loss.
False advertising:
A scammer created a realistic cryptocurrency advertisement on a website where a victim was contacted by a group of individuals claiming they represented an online business. Cryptocurrency was then sent to the scammer by the victim. When the victim asked to withdraw their money once a certain amount was reached, it was denied.
The victim was contacted by a “Recovery Group” including a lawyer from a fictitious law firm offering to recover the funds for a fee. The victim reported over $87,000 in fraud loss.
Exceptional rate:
A scammer spoke to a victim about a stock market investment opportunity. Following this, the victim began sending the scammer e-transfers. The scammer provided the victim with monthly updates and said that their money was growing at an exceptional rate. The scammer then notified the victim that they were hacked and the money was gone. The victim reported over $160,000 in fraud loss.
If you believe you are a victim of fraud, please contact your local police at 310-RCMP. Report the scam call to the Canadian Anti-Fraud Centre at 1-888-495-8501 or through its website at https://www.antifraudcentre-centreantifraude.ca/index-eng.htm.
