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

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.

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.

“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.