Fraud Prevention Month: Investment Scams, what’s in a fraudster’s … – Kingston Police
Release Date: March 21, 2023
Investment scams
With reported losses of $308.6 million to the CAFC, investment scams produced the highest losses in 2022. In most of these cases, the investment opportunities offered higher than normal, or true monetary, returns which often resulted in investors losing most, or all, of their money.
The majority of the investment scam reports involve Canadians investing in crypto currency after seeing a deceptive advertisement. It typically involves victims downloading a trading platform likely fraudulent or controlled by fraudsters. In most cases, victims are unable to withdraw their moneys after transferring crypto currency into their trading account.
Variation: Romance and investment scams
Fraudsters are also targeting victims on dating or social media sites. They will develop a relationship with the victims and convince them to invest into a fraudulent investment platform.
What’s in a fraudster’s toolbox?
Variety of solicitation methods:
Investment…
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