Oceanside couple scammed out of $600,000 with fake politician endorsement

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Worth said they’re not sure which social media platform the false ad originated from, but it’s an all-too-common type of fraud they’ve seen multiple times before.

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He said major investments like this should be conducted using traditional and trusted investment avenues, such as an advisor or bank.

“They’re seeing these great returns on investments on social media platforms that are being endorsed by celebrities, or politicians, and they’re not checking to make sure that they are legitimate investments.”

Worth said scammers often use AI to generate fake celebrity endorsements, with the national politician used in this scam having no connection to the supposed cryptocurrency company, and are probably not even aware their likeness is being used in this way.

Fake endorsements, combined with their usual tactics of urgency, emotional manipulation, and isolating the victims to discourage them from getting outside help, are hallmarks of online or over-the-phone scams.

“They try to make it urgent. ‘This is the time to get in. Don’t miss out’. And then the isolation. ‘Don’t tell anybody, this is only just for you.’ If you do certain things to try to get your money back…well, you need to pay the fee. You need to pay the tax. You need to pay the withholding. You never do get that original investment back. You just keep paying more and more fees,” Worth said.

Protecting yourself and your family by knowing the warning signs of a scam before any money is sent is the best way to avoid becoming a victim of fraud, Worth implored.

Last year, over $6.2M was scammed from Oceanside residents involving cryptocurrency, gift cards, and bank accounts outside of Canada.

If you think you’ve been the victim of fraud, you’re urged to reach out and report it to your local police detachment, or check out the Canadian Anti-Fraud Centre’s website for more information.

In the first six months of this year, the Canadian Anti Fraud Centre reported $351 million in losses to fraud involving over 9,900 victims.

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