The Edmonton Police Service (EPS) has reported over $12.8 million in losses this year due to investment scams, with a sharp rise in fraudulent schemes exploiting social media and featuring false endorsements from public figures such as Prime Minister Justin Trudeau and Elon Musk.EPS is currently investigating 172 reported investment scams that affected 204 victims from January to late November 2024. Among the cases, $1.9 million in losses are tied to scams using doctored videos of Trudeau and Musk to lure victims, with one individual losing nearly $900,000.The scam typically begins with fake ads on social media platforms like Instagram, Facebook, WhatsApp, and TikTok. These ads use artificial intelligence to create convincing, albeit fraudulent, video clips of Trudeau or Musk promoting so-called "investment opportunities." Victims who click on the ads are contacted by fraudsters posing as financial advisors, who require an initial $250 investment and persuade victims to download remote access software such as AnyDesk or TeamViewer. Through this access, scammers steal personal banking information under the guise of fees or additional investments.“With technology advancing at rapid speeds, we are seeing an increased number of scams that are using Artificial Intelligence to generate false endorsements from popular public figures,” said Det. Trevor Semotiuk of the EPS Financial Crimes Section. “If you think you’ve been a victim of this scam, please don’t hesitate to contact police.”EPS encourages residents to exercise caution and offers these tips to avoid falling victim to scams:Do your research: Investigate any investment opportunity thoroughly and look for independent reviews.Avoid remote access software: Never grant access to your computer for financial transactions.Be skeptical of high returns: Promises of quick, significant profits are often scams.Consult professionals: Speak in person with a trusted financial advisor or banking institution before investing.Trust your instincts: If something feels too good to be true, it likely is.Victims or anyone with information about investment scams are urged to contact EPS at 780-423-4567 or #377 from a mobile phone. Anonymous tips can also be submitted to Crime Stoppers at 1-800-222-8477 or online at p3tips.com/250.EPS reminds residents that more information on investment scams is available on their website or through the Alberta Securities Commission.
