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South Simcoe Police issue warning after residents fall victim to YouTube investment scam

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Daughter fights for justice for late mom targetted by romance scam
Abstract: An Alberta woman is fighting to get the people who scammed her late mom stopped and caught. As Tomasia DaSilva reports, the woman was targeted in a romance scam – Dec 18, 2023

South Simcoe Police are warning the public about online investment scams after multiple reports about them in the region.

Police say they start with a fraudulent advertisement on YouTube or other social media platforms.

In two separate incidents, police say the ad featured a fake video of billionaire Elon Musk offering investments starting at $250.

Police say victims clicked a link where they were directed to share their contact information, and from there started receiving phone calls from scammers regarding “lucrative” investment opportunities.

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In these scams, officers warn, the 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. The scammers take the funds and continue to urge more investments, police warn.

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“In two of our incidents, family members eventually learned of the scam and intervened before more money was lost,” police said in a statement.

To try to prevent more people being targeted police have a few tips to help people recognize the 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.

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