News release - South Simcoe Police
The South Simcoe Police Service is making the public aware of investment scams circulating in our communities.
Police have received reports of investment scams that started with a fraudulent advertisement on YouTube or other social media platforms. In two separate reported incidents, the ad featured a fake video of billionaire Elon Musk offering investments starting at $250. Victims clicked a link where they were directed to share their contact information. Then they started receiving phone calls from scammers regarding supposedly “lucrative” investment opportunities. 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 two of our incidents, family members eventually learned of the scam and intervened before more money was lost.
The South Simcoe Police Service is sharing tips to help reduce your risk of falling victim to an investment scam:
· 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 advisor before making any significant investments.
· Trust your instincts. If something doesn't feel right, stop communicating.
