Kathryn Olson
August 07, 2024
Is remote access technology safe? How to protect yourself from investment scams
Guest blog by the Alberta Securities Commission
We’ve all received those suspicious messages: a text from an online shopping company claiming your package is stuck, or an email from Canada Post asking you to click a link to reschedule delivery for a package that you never ordered. These tactics might seem like old news now, but these prompts are the first steps of a scam.
But what if the scam was more sophisticated?
Imagine scrolling through your Facebook feed. You come across an advertisement for a risk-free investment promising amazing returns. You click to learn more. Soon, you’re on a call with a company representative and, since they can’t assist you in person, they politely ask you to share your screen so they can help you set up an investment account. This could be the start of a scam.
Earlier this year, the Canadian Anti-Fraud Centre (CAFC) warned Canadians about a rise in investment fraud. According to the agency’s annual report 2022, investment scams were the leading fraud category with the highest dollar loss. In most of the reported cases, the scams were cyber-enabled and remote access or screen sharing were a common feature of these scams.
What is remote access and how does it work?
Programs like AnyDesk, Iperius Remote, and TeamViewer are legitimate tools that can allow someone to access your device from anywhere in the world. Once enabled, the software allows you to share your screen with a third party, granting them complete control over your computer, including access to private data, files, and passwords. Legitimate companies often use this software to provide services, especially IT support.
But this is where scammers can slip through. Conmen can exploit this technology to steal private information or guide you toward fraudulent investment websites. Many times, the victims don’t even realize that a scheme is in play until it’s too late.
What is an AnyDesk or screen-sharing scam?
While most investment scams have similar warning signs, the methods used to engage their victims can be widely varied. AnyDesk scams may often begin with contact through social media in the form of an ad on your social media feed, a direct message, or even an unsolicited call promoting an opportunity that seems too-good-to-be-true.
To establish credibility, the fraudster may even use AI to generate text and manipulate images or videos to fabricate an investment website that looks legitimate.
Once contact is established, they work quickly to build trust, offering to assist you through the investment process. This tactic involves social engineering and manipulation, where the scammer is readily available to provide support and answer all your questions. The next step is often using remote access software like AnyDesk to “walk you through the process” of investing with them.
How to spot the red flags of a remote access scam
These scams often involve complex investment concepts like crypto or Forex trading. Scammers exploit a lack of knowledge and jurisdictional complexities to craft an elaborate plan. As part of their trust-building scheme, they may fake returns on your money and even allow small withdrawals to entice you to invest larger amounts of money.
Here are common red flags:
- High-pressure tactics: Creating a false sense of urgency is a crucial component of these scams. Pressure and stress tactics are meant to keep victims from questioning the opportunity or thinking critically. Look out for phrases like “no-risk”, “guaranteed returns” and “once-in-a-lifetime opportunity.” A good tip to remember is if an investment offer elicits an emotional response, take a step back to think about the opportunity logically.
- Request to share screen: Personal information, including financial details, should always remain private. Never grant access to this information to anyone who contacts you, especially someone you do not know or trust. Share your screen only if you initiate contact and it is with an organization you trust, such as your workplace or an authorized service provider for IT support. Keep in mind that legitimate investment platforms, government organizations, or banks will never request remote access to your device.
- Demands to borrow money to invest: A request to borrow money for investments is suspicious. Borrowing to invest is high-risk, and legitimate registered financial advisors discourage this behaviour. If someone pressures you to borrow funds for an investment opportunity, be wary of a potential scam.
Can money or crypto lost to an investment scam be recovered?
Research has shown that investment scams increasingly involve an element of crypto, making the money untraceable and thus difficult to recover. Recovering traditional money transfers can also be challenging, as scammers often operate in foreign jurisdictions and use multiple fake accounts to wire money.
Are there legitimate crypto recovery companies?
While some legitimate recovery services might help with data or password recovery, many crypto recovery services are actually a secondary scam.
In a “recovery room scam,” fraudsters target people who have already been scammed with false promises of recovering lost funds for a fee. If you are someone who has fallen victim to a scam, be wary of anybody offering to recover your money for a fee.
Before you invest:
- Check the Investment Caution List: The ASC maintains a database of individuals, companies, and websites that may pose a high risk to investors. Firms or individuals mentioned on this list may be involved in fraudulent schemes.
- Verify registration: Before investing, always verify that a company or individual is registered with the Alberta Securities Commission, regardless of their location. You can use the ASC’s list to confirm their registration status in Alberta. In the case of crypto investments, only use crypto trading platforms authorized to do business with Canadians.
How to report an investment scam in Alberta
If you’ve been scammed, recovering the funds can be difficult. However, there are a few steps you can take.
- Contact the Alberta Securities Commission: Reporting scams to the ASC as quickly as possible helps us stop them now and prevent future harm. If you suspect you or someone you know has lost money to an investment scam, file a complaint with the Alberta Securities Commission via email complaints@asc.ca or call us at 403-355-3888.
Technological advances like remote access software may make life more convenient, but they can also be exploited by criminals. By staying informed, you can help protect yourself and your loved ones from falling victim to deceptive and harmful tactics.