Internet fraud: a huge loss for Montrealers

A Montreal woman claims she lost more than $25,000 on a fake cryptocurrency exchange, according to CTV News.

The woman, who wanted to remain anonymous, indicated that she believes the platform is owned by Elon Musk.

“I was on Facebook and a video of Elon Musk came up,” she said. He talked for five to ten minutes about a new platform and new software he had developed.

The video seemed credible. So Montreal clicked on the link. She invested $25,000, before finally getting suspicious and trying to withdraw her money. However, the fraudulent platform demanded an additional fee of $3,000 to withdraw the amount. She was never able to get nearly $28,000.

“I tried desperately to cling to any hope of kindness and humanity,” she said. When I contacted these people, they knew that my financial situation was precarious. “They knew very personal things about me.”

“It's difficult,” she added. It's not just a financial cost. “It's a big blow to morale.”

Vigilance

Last year, Canadians reported losing $314 million to various scams, according to the Canadian Anti-Fraud Center (CAFC). The majority of reports are believed to be related to cryptocurrencies.

CAFC Director of Communications Planning, Geoff Horncastle, urged residents to be careful online.

“These platforms seem very realistic and very legitimate, but unfortunately, after several months, the victim will realize that they were defrauded when withdrawing money,” he stressed.