Binary options scam taking its toll on Manitobans

The binary options scam is making its way into Winnipeg. File / Global News

WINNIPEG — A new scam involving a type of guessing game is digging deep into the pockets of some Manitobans, according to provincial security officials.

The scam has already cost Manitoba victims hundreds of thousands of dollars.

It’s called the “binary options scam,” described as a sort of wager on the future value of a currency or asset, such as a stock.

Here’s the catch: if you guess right, its supposed to mean more money in your pocket, but with this scheme, all the cash ends up in the pockets of scammers.

Authorities estimate victims in Manitoba have lost at least $500,000 to date.

With files from The Canadian Press