Check the details about Ottawa Couple Scammed Out of $177k: Here’s The Full Story and What You Should Learn here. Do you know about the Ottawa Couple Scammed Out of $177k case? We have provided the details about the case in the article.

Ottawa Couple Scammed Out of $177k

The investment scams have flooded across the provinces of Canada for the last few decades. However, these scams were not much highlighted in the previous years. A couple have stepped forwards to complain about the scam of $177k.

An unauthorized investment company initiated the scam. The case has been reported in Ottawa. As crypto networking is an online business, there is no office, address, or landmark to investigate the company.

According to the Canadian Anti-Fraud Centre, the crypto scam has increased by 10 percent from 2019 to 2023. The administration estimates that over 50 percent of the investment cases and the money lost are related to the investment in cryptocurrency. Scroll the article to know the full story about the Ottawa Couple Scammed Out of $177k.

Here’s The Full Story

The case was reported in October 2023 in the province of Ottawa, where the couple had thought of investing in crypto. The fake advertisement about cryptocurrency inspired them. The couple named Victory Lord and her husband Doug are the retired couple depending upon the benefits for the source of income.

Ottawa Couple Scammed Out

They have saved the amount through their 40 years of employment. The case started with the video of Elon Musk advertising about the investment in the Crypto currency and its benefits. The couple were amused by the investment deals and planned to invest in crypto. There was the link provided in the video.

The couple filled in the details in the advertisement link, including the mobile number and the bank details. Soon after filling out the form, the money was debited from their accounts. The video was fake and was created using deep fake technology.

In an interview, Victoria said that they were in need of money and found the advertisement as a ray of hope for money. She added that the advertisement was sent by a man who claimed to be the financial advisor of the “Be The Bank” platform and convinced her that the investment was safe and had high-profit margins.

The couple said that the man had recognized that Doug had an accident during his early 20s and could not work much on his laptop. The man convinced them to provide help in filling the applications and accessed the email and the bank details.

The couple lost around $177,023 in a single click through the credit line. The case has been reported, and the investigation for the criminal and the money is in process. However, as per the analysis of CAFC, the money is very difficult to find as the transaction was virtual.

The cases of crypto networking are difficult to crack. History of Crypto Scam Cases In most of the scam cases, the common pattern of the investment process has been observed. According to the investigators, the scammers have provided the link to the victims.

The link is attached with the malicious virus, which will read all the data from the device, including the bank details and the personal information. In the year 2019, According to the data provided by the CAFC, they received a total of 498 cases, where around 388 Canadians have been scammed for crypto investment.

The individuals have lost around $15.7 million. In the same year, statistics show that Ontario has reported around 145 reports where 124 citizens were affected with the loss of $4.5 million. Four years later, the province reported scam cases around 1431, and the money loss rate has been increased to $111.3 million.

In 2023, the scam cases have been increased by 75 percent. Around 4010 cases have been reported, and around 3631 citizens have been the victims of these scams. The money lost is around $309.3 million.

What You Should Learn From Scam?

According to the investigation of CAFC, around two to three cases of scams have been reported daily in the country. Many other victims don’t come up to report these scams due to embarrassment and shame. Most of the scams are carried out by advertising online. The people had not realized the fact that when they had become selfish enough to get stuck in a scam.

Their basic requirement for money has turned into a headache for their life. Due to these scams, the financial statistics of the people are gradually decreasing. If the citizens had fairly earned money, these conditions might not have occurred. Most of the people and the seniors were not aware of the online scam, as they did not know about networking and advanced technology. Their children should have supported them or made them acknowledge the fake advertisement. This might have prevented the individuals from investing in the crypto.

Tips To Avoid

The CAFC has advised the citizens to follow the procedures and tips to avoid being the victims of cypto networking. If the citizens are into networking, keep a focused eye while the transaction is being proceeded. Once the amount is debited, it cannot be transmitted back.

Beware of the individuals from social media or the friend circle, who convince and encourage you to invest in crypto. Research the company and the investment policies through the National Registration Search Tool before applying for it.

Finance

By Trends Insights

Welcome to Trends Insights, a blog curated by an enthusiast deeply passionate about demystifying the world of Yojanas, schemes, and finance. Here, I delve into the latest trends and policies, striving to bring you comprehensive and informative posts that shed light on complex subjects. Whether you're a policy student, a financial expert, or just someone curious about the dynamic landscape of public schemes and finance, this is your go-to resource for clear, reliable insights. Join me in unraveling the intricacies of these topics, empowering you with knowledge to navigate these fields effectively.