Is remote access technology safe? How to protect yourself from the makings of an investment scam
We’ve all received those suspicious messages: a text from your favourite online shopping company claiming your package is stuck or an email seemingly from Canada Post asking you to click a link to reschedule delivery to a package that you never ordered. These tactics might seem cliché now, but these prompts are the beginning of a scam.
But what if the scam was more sophisticated?
Imagine scrolling through your social media feed. You come across an advertisement for a risk-free investment with incredible returns. Intrigued, you click the ad to learn more. Soon, you find yourself on a call with a company representative. They walk you through setting up an “investment” account and since they can’t be there in-person to assist you with investing, they politely ask you to share your screen. This could be the start of a scam.
Earlier this year, the Canadian Anti-Fraud Centre (CAFC) warned Canadians of 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, with remote access or screen sharing becoming a common element to the scams.
What is remote access, and how does it work?
Programs like AnyDesk, Iperius Remote and TeamViewer are legitimate tools that allow a person 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 private data, files, and passwords. In most cases, legitimate companies 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.
What is an AnyDesk or screen-sharing scam?
While all investment scams have similar warning signs, the methods used to engage you can be complex and varied. AnyDesk scams may often begin with social media contact. This first interaction could be in the form of an ad on your social media feed, a direct message or even an unsolicited call promoting a seemingly too-good-to-be-true opportunity.
To establish credibility, the fraudster may even use AI to generate text, manipulate images and videos to fabricate a investment website that looks genuine.
Once contact is established, they work quickly to build trust, offering to educate and assist you during your investment. This tactic involves social engineering and manipulation, where the scammer is readily available to provide support and answer all your questions. Their next step is usually when they deploy 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 the victims to invest larger sums.
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.” Remember, if an investment offer elicits an emotional response, take a step back.
- Request to share screen: Personal information, including financial details, should always remain private. Never grant access to anyone who contacts you. Share your screen only if you initiated contact and it is with organization you trust, such as your workplace or an authorized service provider for IT support. 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?
Studies have shown that investment scams increasingly involve an element of crypto, making recovery difficult due to its untraceable nature. 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 could be another scam.
In a “recovery room scam,” fraudsters target previous investment scam victims with false promises of recovering lost funds for a fee. If you are someone who has fallen victim to a scam, be wary of bad actors 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 global 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 and lost crypto or money, recovering the funds is 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 disrupt, stop 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 co********@as*.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 bad actors. By staying informed, you can help protect yourself and your loved from falling victim to deceptive tactics.
This article was originally published on the Alberta Securities Commission’s (ASC) investor education website CheckFirst.ca. The ASC is the regulatory agency responsible for administering the province’s securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate, and harmonize the regulation of Canada’s capital markets.
