Recently, I sent out a notice regarding the Canadian Investment Regulatory Organization (CIRO) breach of information at our regulatory body. Notices are currently being sent out by both regular mail and email to those that were affected. If you receive this notice, I recommend you sign up for the credit bureau monitoring, it is free for two years.

It is important to protect yourself from financial loss. Fraudsters are getting more sophisticated, using artificial intelligence (AI), deepfake videos, and social media to trick Canadians into fake investment schemes.

Common Scams to Watch For

• Deepfake videos: AI generated clips of trusted figures endorsing fake investments. Celebrities and politicians rarely promote financial products. Treat these as red flags.
• Crypto scams: Fraudsters may pose as online friends or advisors promoting guaranteed crypto returns. Legitimate investments never guarantee returns.
• Social media Finfluencers: Be skeptical of online influencers giving financial advice. Confirm registration using the National Registration Search tool.
• Messaging App Groups: Fake ‘exclusive’ investment groups often use false screenshots and pressure tactics. Always verify the organization before investing.

Protect Yourself and Your Finances

1. Research first. Anyone offering investments in Canada much be registered. Licensed crypto broker do not exist in Canada.
2. Talk to people you trust. Scammers often try to isolate their victims, run investment opportunities by friends, family, and your financial advisor.
3. If it sounds too good to be true, it likely is. Real investments carry risk; avoid promises of ‘guaranteed’ profits.
4. Ignore unsolicited messages. Avoid clicking links or downloading apps from unknown sources.
5. Never send crypto to third-party wallets. Legitimate investments never require this.
6. Be cautious of ‘recovery offers’ Scammers may contact victims again, promising to recover lost funds – for a fee.

Five Red Flags of a Scam – A real investment service will Never:

• Ask for remote access to your device.
• Pressure you to act urgently.
• Promise guaranteed returns or ‘no risk.’
• Ask you to borrow or withdraw savings to invest.
• Tell you to keep it secret!

If you ever have doubts about an offer or ad, please reach out to someone your trust (or me) before acting. It’s always worth a second opinion.

Happy Easter!

Tracey

Source: Cyber Security – RBC

Photo by Creatopy on Unsplash

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