Manitobans losing money to online investment fraud
Manitobans are being warned about the rise in fraudulent online investment websites, which have exploited some Manitobans out of more than $200,000.
During the Manitoba Securities Commission's (MSC) ongoing investigation into cryptocurrency fraud, the agency uncovered 66 victims in Manitoba who were scammed through 34 separate online platforms. These Manitobans had transferred money to offshore crypto exchanges based in Lithuania and Bulgaria.
According to Jason Roy, MSC senior investigator, the initial investments were smaller amounts of money as the fraudsters know if they ask for too much money right off the bat, then people are more likely to decline the offer.
“They start with these small amounts and then show you fake trading results and get you excited about putting more money in,” he said in an interview with CTV Morning Live on Monday.
The victims’ losses ranged from $306 to $206,000, with the total losses coming to $710,000.
Roy said there are likely a lot more investment fraud victims in Manitoba, but they may feel too embarrassed to report what happened to them.
“Really, only five to 10 per cent of victims actually report being victimized,” he said.
For those who come across an online investment website, there are certain things to look out for to ensure it is legitimate. Roy recommends ensuring that you are dealing with a company that is registered to do business in Canada. Checking a company’s registration can be done online.
Other common attributes of the investment fraud websites uncovered in the MSC investigation include:
- Targeting victims on social media;
- Promoting cryptocurrency or Forex trading;
- Promising an unreasonably high or quick return on investment;
- Victims being unable to withdraw their initial investment or fake returns;
- Operating offshore, but telling investors they have offices in Canada;
- Requesting investors to convert funds to cryptocurrency; and
- Getting investors to provide remote access to their computers or phones.
Those who are solicited by a fake trading website, which can appear to be legitimate, are asked to report the incident by calling 1-855-372-8362.
- With files from CTV’s Katherine Dow.
CTVNews.ca Top Stories
Canadian doctor concerned new weight-loss drug Wegovy may be used inappropriately
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Hulk Hogan, hurricanes and a blockbuster recording: A week in review of the Trump hush money trial
Crucial witnesses took the stand in the second week of testimony in Donald Trump's hush money trial, including a California lawyer who negotiated deals at the center of the case and a longtime adviser to the former president.
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Two killed after collision with truck on Hwy. 417 near Limoges, Ont.
Ontario Provincial Police say two people were killed after a car and a transport truck collided in the westbound lanes of Highway 417 near Limoges, Ont. on Tuesday afternoon.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
A Chinese driver is praised for helping reduce casualties in a highway collapse that killed 48
A Chinese truck driver was praised in local media Saturday for parking his vehicle across a highway and preventing more cars from tumbling down a slope after a section of the road in the country's mountainous south collapsed and killed at least 48 people.
Russia puts Ukrainian President Zelenskyy on its wanted list
Russia has put Ukrainian President Volodymyr Zelenskyy on its wanted list, Russian state media reported Saturday, citing the interior ministry’s database.
‘We made them safer and more fun’: Here’s what’s new about e-scooters
Electric scooters (e-scooters) have been gaining popularity in the capital and this season comes with some changes and updates.
What a U.S. farmworker’s case of bird flu tells us about tracking the infection
A U.S. farmworker who caught bird flu after working with dairy cattle in Texas appears to be the first known case of mammal-to-human transmission of the virus, a new study shows.