By Walter Beaver and Francis “Franky” Facts | North of Polite Fact Department

Picture this. An ad takes you to a trading site that looks professional. You put in some money and watch the balance climb. When you try to cash out, someone tells you to send another payment first. They might call it a tax, a deposit or a withdrawal fee. The line on that chart can go up as fast as whoever controls the website wants it to. The demand for another payment is where you should stop.

Guelph Police shared a Canadian Anti-Fraud Centre bulletin on November 9 warning about this pattern. Canadians reported $351 million in investment fraud losses in 2025 to the centre, which says cryptocurrency-related investment scams accounted for most of those losses. The figure covers reported investment fraud across Canada, including schemes that used methods other than fake trading apps.

How the trap works

The pitch can arrive through an online ad, a social media message or someone you’ve been getting to know online. A fraudster may borrow a celebrity’s name or pose as an adviser. Once you’re on the platform, the balance on screen can create the impression that your money is growing. When the person on the other end starts demanding fresh payments to release it, sending another deposit can increase your loss.

Check who’s asking for your money

Look up the firm and the person offering the investment through the Canadian Securities Administrators’ registration search. Use contact information you find independently to check that you’re dealing with the registered firm. Scammers can copy names and credentials, so a familiar name alone tells you little about who sent the message. Pressure to act today, promises of high returns with little risk and requests to move cryptocurrency to an unfamiliar wallet are all warning signs.

If you’ve already sent money

Stop sending payments. Contact your bank or the payment provider you used, save the messages and transaction details, and report the incident to local police and the Canadian Anti-Fraud Centre. You can report an attempt even if you caught it before sending money. The centre takes reports online and at 1-888-495-8501.

Canadian Anti-Fraud Centre bulletin · Guelph Police fraud bulletin · National Registration Search · Report Cybercrime and Fraud

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