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Each year, many Canadians fall prey to investment fraudsters. With advancements in AI, these scams are becoming increasingly sophisticated1. According to the Royal Canadian Mounted Police, victims of fraud and cybercrime in Canada lost over $638 million in 20242
An investment scam occurs when fraudsters target vulnerable individuals, enticing them to invest money in cryptocurrency, stocks, real estate, or businesses. These scams can occur via phone calls, social media,z advertisements, or fake websites3.
Beware of Requests for Bank Information: Investment fraudsters often ask for your bank account details to facilitate an investment. Once they have your information, they may transfer your funds to their account, and you might never hear from them again.
Lack of Investment Proof Is a Red Flag: If someone fails to provide proof of the investments they've made on your behalf, such as statements or reports with official bank contact information, it may be a sign that no legitimate investments have been made.
High-Pressure Tactics Signal a Scam: Scammers use phrases like "once-in-a-lifetime opportunity" or "you must decide today" to pressure you into making impulsive decisions. These should be seen as warning signs.
AI-Driven Scams Are on the Rise: Scammers are increasingly using AI to create video or audio recordings that mimic people you know, such as family or coworkers. Listen for odd phrases and slightly robotic-sounding voices that don't quite match the person you know.
Insurance Kit only deals with investment products provided by insurance companies, such as segregated funds, annuities, and high interest savings accounts, which provides principal guarantees and other protections that banks do not provide.
Contact us to learn more about how insurance producs should be an integral part of your investment portfolio.
Related links:
How to spot scams from the R.C.M.P.
Crypto Fraudsters get jail in U.K.
Even CNN and BBC websites could be fake
References:
1 The rise of AI: Fraud in the digital age - Competition Bureau Canada - March 4, 2024
2 The cost of fraud exceeds financial loss – RCMP – March 13, 2025
3 Investment frauds – Competition Bureau Canada - May 1, 2024
4 Canadians are losing millions in crypto to fraudsters. Here is how to spot red flags - CBC News – December 27, 2024
5 Phishing and smishing scams – Competition Bureau Canada – January 19, 2022
This article is provided by Manulife Ban; slightly edited for formatting purposes.
Bank impersonation scam: Fraudsters may call from a phone number that appears to be a legitimate bank or law enforcement department. They may ask you to share your 6-digit one-time verification code or other personal information.
Companionship and friendship scams: Usually initiated through social media and dating apps: a relationship is built then money is requested.
Family member emergency scam: Impersonators call and claim to need immediate help. They may fake a medical emergency, say they need money for car repairs, or even help getting out of jail.
A fraudulent product offer referencing Manulife, Manulife Investment Management, and The Manufacturers Life Insurance Company is being circulated. It promotes inaccurate GIC rates and false info. Contact the Canadian Anti-Fraud Center and local police authorities if they’ve been offered this product.
A fraudulent product featuring Manulife’s logo and branding. It falsely promotes guaranteed high returns ranging from 6.22% for one year to 8.60% for 10 years. If this product is being offered to you please immediately contact your local police authority and security regulators. Link for details.
The said fraudulent material is promising above-market rates for Manulife Bank GICs. If you have acted on the information in this brochure, please contract your local police authorities and Manulife Bank at 1877-765-2265. Source
The said fraudulent material is promoting fixed rate bonds that appears to be offered by Canada Life but they do not offer fixed rate bonds. If you have acted on the information in this brochure, please contract your local police authorities and Canada Life at 1-877-751-3417.
The Financial Services Regulatory Authority of Ontario (FSRA) is warning consumers to avoid using Aproov Mortgage as it is not licensed to conduct mortgage business in Ontario. Please exercise caution if they are contacted by the company or anyone using the above website and claiming to represents. Source
A fraudulent product document referencing Manulife Investment Management is being circulated. It promotes a fake Manulife fixed rate bond plan that portrays false information. If this product is being offered to you please immediately contact your local police authority and security regulators.
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