They requested a transfer and processing fee in exchange for their help. This type of scam is known as an investment recovery scam.
In an investment recovery scam, fraudsters target individuals who have already been victims of financial scams, using the information previously provided to deceive them once again.
These fraudsters are using increasingly sophisticated technology, making it essential for investors to independently verify any information received online, by email, or via social media.
Fraudsters in many recent cases falsely claim to be affiliated with CIRO and promise to recover lost investments. However, CIRO’s mandate does not involve recovering funds lost to scams and fraud. CIRO will never contact investors to help recover money following a scam.
To verify the legitimacy of any person claiming to represent CIRO, investors can check the National Registration Search of the Canadian Securities Administrators (CSA) or consult CIRO’s Complaints & Inquiries team. A full list of dealers regulated by CIRO is available on its website.