What it is: These scams advertise guaranteed high or fast returns with no risks by initiating transfers to a third-party platform. They will tell you that crypto is the only accepted currency on such platforms or that they will “invest” your crypto and you will earn returns. When it’s time to withdraw funds, individuals might realize getting their money back is impossible. These can operate like Ponzi schemes or unregulated investment managers.

What it looks like: You receive an unexpected message about an exciting cryptocurrency investment opportunity. The person behind it seems knowledgeable and enthusiastic, promising high returns in a short amount of time. They direct you to what looks like a professional, legitimate website, where you can easily make your investment. Feeling reassured by the testimonials on the site and the pressure to act quickly before the opportunity closes, you decide to invest. You transfer your money in cryptocurrency, eager to see the returns. But after the transaction, you notice the updates stop coming, and your messages go unanswered. Over time, you realize the website has disappeared, and with it, your investment.

Learn more on the Canadian Anti-Fraud Centre website.

What you should do: Practice due diligence by researching the company. Is the organization regulated? Does it have a track record or reviews? Check if the company is registered using FINTRAC or the Canadian Securities Administrators, and search for investor alerts to see if the company has been previously reported as harmful.

Consider the following:

• Never send crypto assets unless you've done your due diligence.
• Look for grammatical errors in the website URL or elsewhere on the page.
• Stay clear of offers that sound too good to be true.

What it is: Scammers contact you with a remote job offer that requires you to send or receive money or crypto assets to receive your pay cheque or purchase supplies to start working. The “job” could entail completing tasks, making online reviews, or sending parcels to people you have never met.

What it looks like: You come across a job posting on LinkedIn from a well-known Canadian company offering a freelance position to "boost" products using their software. After installing the software and completing tasks, you receive a small payment, which reassures you the job is real. As you continue, you're asked to deposit funds into a crypto account to keep working and increase earnings. You see your balance grow, but when you try to withdraw, the system blocks you. Eventually, it becomes clear you can’t access your money, and the company stops responding.

Learn more on the Canadian Anti-Fraud Centre website.

What you should do: Be wary of any job offers that promise unrealistic pay for little to no effort. Legitimate companies will not hire over WhatsApp, Discord, Facebook Messenger or other online messaging services, and will never require you to pay money to start working or to receive your pay cheque.

What it is: A person you meet over a dating or networking app asks you to open a Wealthsimple account. They may ask you to deposit your own money and/or send money directly to your account. They will then withdraw the funds or ask you to withdraw the funds using a specific method. The scammers may tell you this is for an investment opportunity or claim to be in financial trouble. They may also ask for your SIN number and banking details in an attempt to open a Wealthsimple account without your consent.

What does it look like: You receive a direct message on Bumble or Instagram from someone who presents as a successful entrepreneur with a glamorous lifestyle. They encourage you to quickly move the conversation to WhatsApp to create a more intimate setting. As you build a virtual relationship, they convince you to invest in cryptocurrency by showing you elaborate investment plans. They recommend using a platform like Wealthsimple to facilitate your investments and manage your crypto assets. They create a sense of urgency, claiming that you must act fast to benefit from the opportunity. They offer excuses to avoid meeting in person, saying they are working overseas or dealing with pressing issues. After you invest, they provide fabricated updates and eventually ask for additional funds to cover “unexpected costs” and secure the promised returns. Their communication soon becomes sporadic, and they eventually disappear, leaving you with financial losses and no way to recover your money.

Learn more on the Canadian Anti-Fraud Centre website.

What you should do: If somebody you meet over a dating or networking app mentions an investment opportunity or asks you for financial help, block them immediately and report their account. If you have already opened a Wealthsimple account, please reach-out to a representative directly over the phone.

What it is: Scammers set up fake customer support phone lines that look like they belong to well-known companies, including Wealthsimple, or even regulatory agencies. They might promote these fake numbers online to trick people who are seeking help, or they might call people directly pretending to be legitimate support.

What does it look like: You receive a phone call from someone claiming to be from Wealthsimple, saying there have been unauthorized transactions on your account. The caller sounds convincing, explaining that your account may be compromised and that they’re conducting an internal investigation. To help resolve the issue, they ask for your account details or remote access to your account and suggest sending money as “bait” to help catch a fraudulent employee. Later, you receive an official-looking email, supposedly from a government agency, featuring the CAFC’s logo. The email explains that they are investigating the matter and need your cooperation to "catch" the suspect. They provide a phone number and email for further communication, urging you to act immediately. Trusting the official tone, you provide the information and send the money, not realizing that both the call and the email were part of a sophisticated scam designed to steal your funds.

Learn more on the Canadian Anti-Fraud Centre website.

What you should do: Ensure you are the only person with access to your Wealthsimple account. Never use video screensharing tools such as AnyDesk, Zoom, or TeamViewer when using Wealthsimple. If you suspect a company is impersonating Wealthsimple, please reach out to our support team.