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The adage may be old, but the method is new: if a financial investment posted on social media seems too good to be true, it likely is.
On Monday, Winnipeg police sent out a public warning noting it has logged a spike in consumer investment scams being circulated through online platforms.
Police investigators said they have seen several ways in which Winnipeggers are being targeted on social media, including the sending of fraudulent investment invitations directly to individual accounts.
The intended victim is asked to send money towards the investment with additional funds requested later. It isn’t until later the target realizes the company or investment opportunity is a hoax and they have been defrauded.
Another way individuals are scammed is by having their social media accounts hacked, with the scammers using the person’s contact lists to send out messages to more potential victims, police said.
The financial crimes unit is currently investigating these scams and police warned the public to verify investments and companies before sending any funds online.
If you believe you have been the victim of a financial scam, report it at winnipeg.ca/police.
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