Weyburn Credit Union - Warning Crypto Romance Scams

1:

Unsolicited messages from strangers on social media, dating apps/websites and text messages leading to prolonged exchanges, often moving to private messaging apps

2:

Mention of easy money made in the crypto market, often based on exclusive information or through "professional traders"

3.

Encouragement to visit crypto-related websites, which may appear legitimate and use terms like "investment packages" and "guaranteed rates of return"

4.

Provision of financial records showing returns or allowing a small withdrawal to create a false sense of legitimacy

Be wary of unsolicited messages on social media or "wrong number" texts, especially if the sender tries to develop a bond
Avoid investing based solely on the advice of someone met online. Consult with registered financial professionals if needed
Exercise caution if an online connection suggests investing in crypto or transferring funds to specific platforms
Be skeptical of promises of large, quick, and low-risk returns
Report suspected investment fraud to the CIRO, CAFC, and local police
Stay informed and exercise caution to avoid falling victim to investment frauds and romance scams. Visit the CAFC and CIRO websites regularly get more tips and information.

If you believe you have been a victim of this or a similar scam, immediately contact your bank, local police, your provincial or territorial securities commission, and the CAFC.

Investment fraud losses totaled $309.4 million in 2023 which represented the highest reported losses to the CAFC in 2023
Overall social media losses reported to the CAFC in 2023 totaled $172 million
Perpetrators of romance/investment scams are often part of criminal gangs operating outside Canada and have caused significant individual losses sometimes exceeding one million dollars
The CAFC is Canada's central repository for data, intelligence and resource material as it relates to fraud
The CAFC provides timely, accurate and useful information to assist citizens, businesses, law enforcement and government agencies
CIRO is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces
CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments
CIRO's Office of the Investor publishes information to help investors keep their investments safe available at Avoiding Fraud and Protecting Your Investments