in online investment fraud


Doug and Victoria Lloyd, a retired couple, were robbed of $177,023 by a credit line. They are still searching for answers. It all began with a video online of what appeared to be Elon Musk promoting a new investment opportunity. The Lloyds followed a link from the video description and entered their phone number on a website promising significant financial returns. They were initially excited about the potential for making money and achieving their dream of owning a house.

However, the video was a deepfake and the start of a scam that would have a drastic impact on the Lloyds’ lives. In early October, they received a call from someone claiming to be from an investment platform called “Be the Bank.” This person introduced them to a “financial advisor” who convinced them to trade forex on their behalf and send a modest sum. The “advisor” talked to them for hours every day, building a close relationship and gaining their trust.

As time went on, the scammer convinced Mr. Lloyd to increase his investment in Bitcoin for higher returns. The couple’s account appeared to be growing, but when they tried to withdraw $350,000, the scammer’s tone changed and he became angry. He even threatened them in voicemails, warning them not to fall for any other scams.

The Lloyds filed a police report and notified their bank, Scotiabank, but the chances of recovering their money are slim. The bank claims there is no evidence of fraud on their account. The couple now faces a mountain of debt on their credit line, which they had planned to use to build their dream house. They are devastated and fear losing their home.

Unfortunately, the Lloyds are not alone. According to the FBI, in 2023 there will be 3,631 victims of similar scams who have lost a total of $309 million. In Ontario alone, around $111 million was stolen from 1,209 victims. This serves as a reminder to be cautious and aware of potential fraud, and to report any suspicious activity. Let’s work together to prevent others from falling victim to scams.

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