Be on guard against online investment scams: OPP

FILE - This photo shows a person typing on a laptop. (AP Photo/Jenny Kane)

It can happen with just one click - a flashy ad, a message that appears convincing, or even a friendly conversation on social media, but provincial police warn that’s how many people are tricked into sending money to fraudsters who vanish as quickly as they appear.

Southern Georgian Bay OPP and the Canadian Anti-Fraud Centre (CAFC) warn residents to be cautious as Cyber Security Awareness Month gets underway. This year’s theme focuses on the growing number of online scams targeting people’s savings and identities.

Police say investment fraud, especially involving cryptocurrency, is one of the fastest-rising schemes. Scammers often promise “guaranteed” returns or promote risk-free investment platforms to lure victims. In many cases, police say fraudsters pose as financial advisors, government agencies, or even well-known celebrities and politicians to build trust.

Once money is sent, police say it is usually moved overseas and is extremely difficult, if not near impossible, to recover.

To protect yourself, police recommend slowing down before making financial decisions, especially if someone is applying pressure or creating a sense of urgency - which OPP says should be a red flag that something isn’t right.

Police also encourage people to verify if investment companies are registered through their provincial securities agency or the National Registration Search Tool.

They also want residents to:

• Be suspicious of any investment offering guaranteed or risk-free returns
• Research people and projects behind any investment opportunity
• Avoid sending money to individuals met on dating or social media platforms who try to convince you to invest cryptocurrency
• Never open and fund new crypto accounts at the request of strangers - fraudsters will often direct victims to send money to wallets they control, police add.