Investment scams cost Manitobans millions

Investment scams are now the largest scam-type affecting Manitobans, with reported losses exceeding $3,000,000 in 2025. Behind that staggering number are friends, neighbours, and family members in communities across our province who believed they were making a sound financial decision. Instead, they found themselves victims of sophisticated fraud.

Fraudsters are increasingly targeting Manitobans with promises of high returns and low risk. These scams can take many forms: fake cryptocurrency platforms; fraudulent real estate developments; gold or precious metal schemes,;foreign exchange trading offers; or “exclusive” investment opportunities shared through social media. Some scammers even impersonate legitimate financial advisers or use professional-looking websites and documents to appear credible.

Seniors are being particularly targeted. Fraudsters know that many older adults have retirement savings, home equity, or nest eggs they’ve built over decades. They also know that seniors may be less familiar with newer investment trends such as cryptocurrency or online trading platforms. Scammers exploit this by offering to “help” manage investments or by creating a false sense of urgency, pressuring victims to act quickly before a supposed opportunity disappears.

In many cases, the scam begins with an unsolicited phone call, email, or social media message. Sometimes it starts with an online ad. The fraudster may spend weeks or even months building trust, answering questions, and providing what appear to be regular account statements showing impressive returns. Victims are sometimes encouraged to invest a small amount first and may even be allowed to withdraw a bit of “profit” to build confidence. Once a larger sum is invested, however, the money disappears.

Rural and small-community residents are not immune. In fact, scammers often assume that people in close-knit communities may be more trusting. With more Manitobans managing their finances online, geographic distance is no longer a barrier and can easily be targeted by scammers operating overseas.

There are warning signs to watch for. Be cautious of guaranteed high returns with little or no risk – every legitimate investment carries some level of risk. Be wary of pressure to act quickly or keep the investment confidential. Always verify that the person offering the investment is properly registered. Take time to research the company independently, and do not rely solely on links or contact information provided by the person promoting the opportunity.

Families can play an important role in prevention. Open conversations about finances and scams can help protect seniors and other vulnerable individuals. Encourage loved ones to seek second opinions before they invest significant sums of money.

Investment scams are not just a big-city problem – they affect Manitobans in communities across the province. By staying informed, asking questions, and slowing down before making financial decisions, we can work together to protect our hard-earned savings and prevent more losses in our province.

Learn how to recognize, prevent, and report scams at JustHangUp.ca.

Or visit the Canadian Anti-Fraud Centre website at www.antifraudcentre.ca.