South Simcoe police are warning of an online scam that dupes victims by using a fake video of billionaire Elon Musk offering investments.
This comes not long after police reported a Bradford woman had been defrauded in an online puppy scam.
Police say the investment scams start with a fraudulent advertisement on YouTube or other social media platforms.
In two incidents reported to police, the ad showed a fake video of Musk offering investments starting at $250. Victims were directed to click a link and share their contact information. Scammers then called them to offer “lucrative” investment opportunities, police said in a news release.
“In these scams, suspects often establish remote access to the victim’s computer. The suspects transfer funds from the victim’s account to a bogus website that falsely depicts the victim earning large returns. Scammers take the funds and continue to urge more investments with increasing dollar values.”
In the two local incidents, victims’ family members found out about the scam and intervened before more money was lost.
Police have offered the following advice to help prevent people from falling victim to investment scams:
- Never allow anyone remote access to your computer. Often, the suspects will ask you to install programs like AnyDesk or TeamViewer that enable this.
- Research carefully before investing. Verify credentials. Confirm the source.
- Be skeptical of investments that promise unusually high returns with little or no risk. If it sounds too good to be true, it’s probably a scam.
- Resist high-pressure sales tactics to force you into making quick decisions.
- Never share personal information with someone you don’t know.
- Never send money to an unknown person or entity without thoroughly verifying their legitimacy.
- Consult with a qualified financial adviser before making any significant investments.
- Trust your instincts. If something doesn’t feel right, stop communicating.
Those who think they have been victims of investment scams are encouraged to report it to the South Simcoe Police Service at 905-775-3311 or 705-436-2141 and the Canadian Anti-Fraud Centre at antifraudcentre-centreantifraude.ca/index-eng.htm.
