The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is warning investors of an entity claiming to be an asset recovery service.

One Advance Refund is an online entity that claims to help investors recover funds lost to online scammers.

Ironically, the service itself has falsely used the FCAA logo and claimed it is registered with the regulator.

“They are also posing as, and using details from, a Saskatchewan company, Payback Construction Ltd,” an FCAA news release outlined.

“There is no affiliation between Payback Construction Ltd. and any online asset recovery service.”

The FCAA reiterated that investors should not send money to online entities that falsely use its logo.

“Check to see if the business you are dealing with is licensed or registered by Financial and Consumer Affairs Authority  to operate in Saskatchewan,” the news release read.

Investors who have encountered a service that has made these claims are encouraged to contact Saskatchewan’s Securities Division and Enforcement Branch at 306-787-5936.

The FCAA says a good rule of thumb is to be cautious of anyone claiming to be an asset recovery company, especially if the services require fees upfront and guarantee the recovery of lost funds.

“A red flag to watch for is if the organization pressures you into deciding right away,” the release read.

“Take your time, do your research, speak with a professional and do not send funds to unknown sources.”