Police issue investment scam warning after fake Elon Musk videos circulate online

A man holds a phone and a credit card in this undated photo. (Mikhail Nilov/ Pexels)

South Simcoe police issued a cautionary alert after two reported incidents involving fraudulent ads on YouTube and other social media platforms featuring billionaire Elon Musk offering investments starting at $250.

Police say the victims clicked the link provided and were prompted to share their contact information, becoming targets for scammers who initiated phone calls regarding purportedly "lucrative" investment opportunities.

The scams often involved suspects gaining remote access to victims' computers, allowing them to transfer funds from the victim's account to a website displaying fabricated returns.

"Scammers take the funds and continue to urge more investments with increasing dollar values," the service stated.

According to police, in two reported cases, family members intervened before additional funds were lost.

PREVENT BECOMING A VICTIM

Police shared tips to reduce the risk of falling victim to an investment scam, including:

The South Simcoe Police Service encourages residents to discuss the warning signs of investment scams with loved ones and friends.