The EPS is currently investigating a total of 172 scam occurrences that have taken place from Jan. 01 to Nov. 26, 2024. These investigations include a total reported loss of an estimated $12.8 million and have impacted approximately 204 victims throughout Edmonton at this time.
Investment scams come in many forms and often entice victims with “get rich quick” schemes. It is often reported to police that scammers provide misleading information to get you to e-transfer funds, provide remote access to your computer, or set up cryptocurrency accounts to send funds.
Of the $12.8 million of total reported financial losses to investment scams this year, it has been reported to police that approximately $1.9 million of these losses are directly related to a scam that features Prime Minister Trudeau and public figure Elton Musk. Police are aware of 15 victims at this time, including one victim who was reported to have been defrauded nearly $900,000.
In this scam, an advertisement appears on the victim’s social media account feed and presents itself as a legitimate investment opportunity with the promise of large financial returns. These advertisements are reported to often feature what appear to be authentic video clips of Prime Minister Justin Trudeau or Elon Musk endorsing this investment scheme. These ads use Artificial Intelligence to generate false images and have been predominantly found on social media platforms like Instagram, Facebook, WhatsApp and TikTok.
When victims of this scam click the advertisement and say they are interested, they receive a phone call from a fraudulent “financial advisor” or “trading specialist” who will provide guidance on investing for a fee of $250 with a guarantee of large profits. They are then directed to download remote access platforms, including AnyDesk and TeamViewer, to make their initial financial investment and to gain access to what the scammers present as coaching or mentorship support for investments. When this remote access software is downloaded, the scammers direct victims to log-in or provide personal banking information that allows them to take funds under the guise of legitimate fees for service or investments that promise large returns to the victim.
“With technology advancing at rapid speeds, we are seeing an increased number of scams that are using Artificial Intelligence to generate false endorsements from popular public figures related to investments,” says Det. Trevor Semotiuk with the EPS Financial Crimes Section. “If you think you’ve been a victim of this scam, please don’t hesitate to contact police. Your report will help us to understand just how misleading and technologically advanced these investment scams can be.”
“If you think you’ve encountered a scam or an opportunity that seems too good to be true, it probably is. Before you make a financial investment, going in-person to a trusted financial advisor or banking institution can help verify if something is authentic or illegitimate.”
When you encounter an advertisement that involves investments of any kind, including cryptocurrency, here are some tips to help you avoid falling victim to a scam:
- Do your research: Before you make an investment, no matter how small the amount might be, look for reviews and news articles that are associated with the investment opportunity.
- Never provide remote access to your computer: Many scammers will request remote access through platforms like AnyDesk or TeamViewer.
- Be skeptical of promises for high returns: Often scammers will present an opportunity to invest that will yield high returns quickly.
- Seek professional advice: When in doubt, consult in person with a local qualified financial advisor or your bank.
- Trust your instincts: It’s never a bad idea to pause and think about if something feels too good to be true, it probably is.
- Report suspected scams: If you think you’re the victim of an investment scam, you can make a report to EPS or the Canadian Anti-Fraud Centre.
In addition to the EPS website, information on investment scams can be found by visiting the Alberta Securities Commission website.