The Canadian Anti-Fraud Centre (CAFC) is alerting Royal Bank of Canada (RBC) clients to a sharp increase in international remittance transfer scams targeting Canadian consumers in recent weeks.
The CAFC strongly recommends that individuals suspend all international transfers linked to investment opportunities and focus instead on local remittance transfers until further notice.
“Fraudsters are exploiting the trust of Canadians by using fake investment schemes that pressure people into wiring money overseas,” said a CAFC spokesperson. “Once funds leave the country, recovery becomes extremely difficult. We urge Canadians to stop and verify before transferring any money internationally.”
How the scams work
- Unsolicited contact: Victims are approached via phone, text, WhatsApp, Telegram, email, or social media.
- False legitimacy: Scammers create fake websites, prospectuses, and registration details to pose as investment firms or financial professionals.
- Urgent pressure: Victims are told they must act immediately to secure a “time-sensitive” investment.
- Overseas transfers: Victims are instructed to remit money internationally, often to accounts that do not match the name of the promoted investment.
Recommendations for RBC clients and all Canadians
- Pause all international investment transfers until you have independently verified the recipient and product.
- Contact your bank directly through official numbers listed on its website, not those provided in unsolicited messages.
- Focus on local remittance transfers when sending funds, ensuring money moves through safe, domestic channels.
- Be wary of urgency. Fraudsters push victims to act quickly to avoid scrutiny.
- Report suspicious activity to your bank and to the CAFC immediately.
What to do if you’ve been targeted
- Contact your bank or financial institution right away.
- File a report with your local police service.
- Keep records of all communications, including emails, texts, screenshots, and transaction receipts.
About the Canadian Anti-Fraud Centre
The Canadian Anti-Fraud Centre (CAFC) is Canada’s central agency for collecting fraud reports and providing information on how to recognize, report, and stop fraud. The CAFC works with law enforcement agencies and industry partners to protect consumers and businesses from financial crime.
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Canadian Anti-Fraud Centre
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