The Alberta RCMP Integrated Market Enforcement Team (IMET) are warning the public of an online Ponzi scheme.
The scam promises individuals a return on investments made to an app claiming to use funds to purchase under-performing products on Amazon, an RCMP media release said.
A total of 14 reports have been made regarding this scam, with victims losing a total of $148,630.
The Canadian Anti-Fraud Centre (CAFC) has identified a nation-wide scam involving Alberta victims that is posing as an Aweunion or Awebuy app. Registration for the app has been advertised over social media.
Individuals invest money to be used by the app to purchase Amazon products to increase relevancy and importance through the site’s algorithm, the release said.
Individuals are made to believe they will receive a commission from their investment, but see little to no return, and are unable to contact the app administrators after their investment.
“We are asking the public to be vigilant in the investments they are making via apps and online platforms that promote significant profit or returns on their finances,” says Sgt. Tyson Duff with IMET. “Avoid falling victim to such scams by carrying out your due diligence and thoroughly researching the businesses you are trusting with your money.”
The RCMP is encouraging Albertans to verify trusted charities and businesses through the Better Business Bureau and find information on ongoing scams through the CAFC anti-fraud centre, or by calling 1-888-495-8501.
IMET is a specialized unit under the RCMP Federal Policing program that detects, investigates, and deters market fraud. IMET works closely with the Alberta Securities Commission to protect investors and further enhance confidence in Canada’s capital markets, the release said.
The RCMP is asking anyone who falls victim to a scam to report it to local law enforcement, and to the CAFC.
