FRAUD FRIDAY: Online investment scams

The Thunder Bay Police Service is continuing to raise public awareness of common types of scams that target local residents.

Police regularly receive reports of local residents who have fallen victim to internet investment or cryptocurrency fraud.

Fraudsters may offer promises of high rates of return on investment. They may advertise fraudulent investment platforms or cryptocurrency exchanges that appear to be legitimate. Instead, these might be schemes to steal money and access the target's personal financial information.

It is highly unlikely that lost funds will ever be recovered. Funds can quickly be transferred through multiple platforms based in several different countries and are extremely difficult for law enforcement to trace.

The Thunder Bay Police Service’s Economic Crime Unit urges residents to do their due diligence before engaging in any online investment, including seeking credible financial advice and using reputable platforms. Residents are also encouraged to speak to family members and friends who may be vulnerable to being targeted by these types of scams.

If you are concerned about potential scams and want to learn more, please visit https://www.thunderbaypolice.ca/safety/fraud-prevention or contact the Canadian Anti-Fraud Centre (http://www.antifraudcentre-centreantifraude.ca/)

To make a fraud/cyber crime online report to the Thunder Bay Police Service, please visit: https://www.services.tryrubicon.com/thunder-bay-police-service/online-reports/report/fraud-cybercrime