A phone call proved costly for a senior in Norfolk County who lost $800,000 in what police are calling an investment scam.

According to Norfolk County OPP, the scam victim got a call in August from someone claiming to be the manager of a financial institution.

This alleged financial guru claimed to be selling bonds that would generate a quick return on investment, with a payout promised in November.

The victim sent the scammer three transfers totalling $800,000, police said in a release.

When the resident contacted their bank this month, they received the bad news that the promised bonds did not exist and they had been swindled.

The police were called in on Friday and the investigation continues.

Residents should be “extremely vigilant” when receiving calls, emails or visits from people soliciting funds for investment opportunities, police say.

Before any money is handed over, the first call should be to the bank to verify that the opportunity presented is genuine. Scammers can obtain personal information about their victims before the con begins, police noted.

“You work hard for your money, so work hard to protect it. Do not hand it over to a smooth-talking con artist,” Const. Ed Sanchuk said in a media release.

“Fraud is a multi-billion dollar per year business that will only stop when the con artists stop making money.”

Original Published on Nov 24, 2022 at 10:37

By J.P. Antonacci, Local Journalism Initiative Reporter

This item reprinted with permission from   The Spectator   Hamilton, Ontario

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