The Investment Scam

The Toronto Police Service wants to help so you #DontGetScammed by an Online Investment Scam. This is the most prolific and fastest rising scam, with tens of millions of dollars in losses reported in Toronto alone every year. Here’s how it works: Have you come across an investment opportunity online that seems too good to be true? Scammers are posing as legitimate investment firms, promising high returns with little to no risk. These fraudsters often operate through social media, emails, or fake websites - tricking victims into transferring money, often in the form of cryptocurrency. Many of these frauds begin as romance scams, initiating contact through phishing texts and emails, creating fake profiles on dating sites or social media, and then building trust and fostering relationships over weeks or months. Once trust is established, they subtly introduce an investment opportunity. Victims, enticed by the lure of financial gains end up transferring funds to the scammers. The scammers may claim to be from a well-known financial institution or use fake testimonials to build trust. They’ll pressure victims to act quickly, warning that the opportunity is limited. Once you invest, they may show fake profits to encourage more deposits, but when you try to withdraw your money, they disappear – along with your money. Protect yourself: - Be skeptical of unsolicited offers. If an investment opportunity comes from a random message, email, or social media ad, be cautious. - Research the investment firm thoroughly. Check for reviews, licenses, and registration with the Ontario Securities Commission. - Never download software or visit websites claiming to monitor investments. - Cut off all communication immediately if someone you met online suggests an investment. - Never send money or personal information to someone you haven’t met in person. - Consult a trusted financial advisor before making any investment decisions. If you are a victim of an online investment scam, report it to police. For more information, please visit www.tps.ca/fraud