The public is warned to be cautious with their hearts and wallets amid a surge in romance/investment scams.
The Canadian Anti-Fraud Centre (CAFC) reports that these scams, often called ‘pig butchering,’ involve fraudsters exploiting individuals through dating apps and social media platforms.
Scammers manipulate victims into investing funds or cryptocurrency in fake schemes promising high returns and financial success after establishing relationships and gaining trust.
“Fraudsters use fake online trading platforms and convince victims to transfer funds or cryptocurrency into their trading account,” the CAFC noted.
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Cryptocurrency scams attempt to steal money, personal and financial information.
“Cryptocurrencies operate independently of a central bank and are currently unregulated in Canada,” the CAFC stated, adding, “No government agencies will ever request payment in the form of cryptocurrencies.”
The agency says to never rely on a website and phone number included in unsolicited materials, to fact-check, and do your research for possible scam alerts about investment offers.
Complete information on these scams and how to avoid becoming a victim is available on the CAFC website.
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