Canadian Anti-Fraud Centre, RNC warn of trickier scams with evolution of AI
The Canadian Anti-Fraud Centre says the most common scams appear as investment opportunities. (CBC)
In a world of proliferating scams, an advocate is urging people to approach investment opportunities with a healthy dose of skepticism.
According to the Better Business Bureau's recent report, the most common scams right now appear as investment opportunities.
Jeff Horncastle, outreach officer with the Canadian Anti-Fraud Centre, said in 2024 more than $310 million was reported in overall losses from investment fraud, adding that since 2021 it's been more than $1 billion.
"This is estimating that only a fraction of the victims report," he told CBC Radio's The St. John's Morning Show.
Investment scams, including cryptocurrency fraud, get people to visit a fraudulent website and invest money, said Horncastle.
He said in a lot of cases people do get a return on their initial investment of about $200 or $300, which convinces them the website is legit.
But when the person attempts to withdraw the funds after further investing, they find out they have been scammed, said Horncastle.
People can be contacted through a social media ad, a message from someone they think is a friend or through Google searches.
"Unfortunately, the first five to 10 results that appear in a lot of cases are fraudulent platforms," said Horncastle. "That's where they're getting their victims."
Due diligence should be required before making investments, he said, but the scams are getting increasingly harder to detect.
Artificial intelligence has become a tool that fraudsters use. That includes falsified videos known as "deep fakes" that feature notable public figures like Elon Musk endorsing cryptocurrency investment platforms.
Jeff Horncastle says scams are getting more technologically advanced with artificial intelligence. (CBC)
Horncastle says a fraudster will try to develop a sense of urgency in their target to force a quick decision.
"So take as much time as you need, never feel pressured or threatened, and in most cases you'll save yourself from being a victim," he said.
Anyone who should fall victim to a scam should reach out to the Canadian Anti-Fraud Centre as well as the local police.
A scam industry
Royal Newfoundland Constabulary Const. James Cadigan says investment scams can be enticing to people who are in financially difficult positions. He said people should be on the look out for deals that are too good to be true.
The types of scams can also depend on the time of year, he said, adding there's usually an influx of CRA-related scams during tax season or rental scams when there are a lot of students looking for housing.
"These crime networks that operate these scams, this is an industry for them. So they're paying attention to the calendar, what types of issues people are facing in each time of the year," Cadigan told CBC News.
The RNC recently warned the public about romance scams after a woman in Newfoundland and Labrador. lost $500,000 over a nine-month period
In Canada, Cadigan said fraud is a $100 million dollar industry.
"It really gives you an idea just how big this is," he said.
"They're operating a business really, as a crime network and they're using all the same sophistication and technologies."
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