Ontario Provincial Police say a Haldimand County resident lost more than $45,000 after being targeted in an online investment scam that originated through social media. Police warn similar schemes continue to target Canadians across digital platforms.
Ontario Provincial Police report that a resident of Haldimand County has lost more than $45,000 after falling victim to an online investment scam carried out over a two-month period.
Police say the fraudsters initially contacted the victim through a popular social media platform before convincing them to send money on multiple occasions. Authorities did not release additional details about the specific platform or the nature of the investment offered.
The OPP are urging anyone who believes they may have been targeted by a similar scheme to contact their local police service and report the incident to the Canadian Anti-Fraud Centre.
According to data from the Canadian Anti-Fraud Centre, nearly 4,000 Canadians reported losses totaling approximately $310 million to investment scams in 2024. Many of these schemes involved promotions circulating on social media platforms, including YouTube, Facebook, and TikTok.
A recent survey by the Canadian Securities Administrators found that nearly half of Canadians reported seeing investment opportunities advertised on social media, a trend that regulators say is increasingly being exploited by fraudsters.
Authorities say common investment scams include fraudulent cryptocurrency opportunities, fixed-income fraud involving spoofed companies, pump-and-dump stock schemes, Ponzi arrangements, and fake business or franchise opportunities. Victims are often pressured to act quickly and are promised unusually high returns.
Police and fraud prevention agencies continue to advise Canadians to be cautious of unsolicited investment offers, high-pressure sales tactics, and requests for unusual payment methods, including cryptocurrency.
