Women Lose $50K In Crypto Scams After Clicking PM Facebook Ads

HomeNews* Two women lost nearly $50,000 in cryptocurrency Scams after responding to Facebook ads.

• Ads featured images of Prime Minister Mark Carney and promoted fake investment opportunities.
• Victims received instructions from fraudulent individuals pretending to be financial advisors.
• Police urge residents to verify online investment offers before sending funds.
• Recovery of funds in cryptocurrency scams is extremely unlikely, authorities warn. Police are reminding the public to remain vigilant online after two local women were targeted in cryptocurrency scams involving fake investment ads, resulting in losses of nearly $50,000 USD. Both incidents began when the victims clicked on Facebook advertisements that displayed images of Prime Minister Mark Carney, promising lucrative investment returns.

• Advertisement - According to authorities, the first incident involved a 74-year-old woman who lost over $38,000. In a separate case, a 59-year-old woman lost almost $11,000. Scammers posing as financial advisors contacted each victim and provided detailed instructions on how to buy and transfer cryptocurrency.

Police emphasize that individuals should exercise caution when engaging with unfamiliar links or advertisements online. Residents are encouraged to independently verify the legitimacy of any investment opportunity before sharing personal or financial information, according to police statements. Officers highlighted that cryptocurrency transactions are difficult to trace and reverse, making recovery of lost funds nearly impossible.

The method used by the scammers involved social engineering — manipulating victims into granting trust and following specific steps to transfer money using digital currencies. One of the cases started through a Facebook ad with a misleading endorsement from a public figure, which is a common tactic in online investment fraud schemes.

Officials remind residents that any unsolicited message, call, or email demanding urgent action should be approached with skepticism. Law enforcement continues to advise the public to contact organizations or financial institutions directly to confirm any requests or offers before taking action.

Cryptocurrency, also known as digital or virtual currency, operates on decentralized networks and is popular for its fast transactions. However, its anonymous nature makes it challenging for law enforcement agencies to track criminals and recover stolen funds.

Police stress the importance of awareness, urging the community to report suspicious online activity and to share warnings with friends and family.

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