Alberta Woman Scammed Out of $233K in Fake Investment Scheme
An Alberta woman is speaking out after falling victim to an investment scam that wiped out her savings.
Samantha Barnes, a resident of Airdrie, Alberta, had planned to invest in her son’s new business and help her five children with down payments on homes. Seeking a safe investment, she opted for Guaranteed Investment Certificates (GICs), which are typically backed by banks.
Last October, Barnes searched online for the best GIC rates and found a website that seemed legitimate. After entering her contact details, she received an email from a man claiming to represent PC Financial, offering a higher return on investment. He provided official-looking documents for her to sign.
“I reviewed all the documents, did my research, and everything seemed credible,” Barnes recalled.
Trusting the offer, she went to her bank and wired the money. The man then sent her a link to view her investment details, but something seemed off.
When she tried to trace the funds, she discovered the money had not gone where she expected. It was gone.
“Realizing I had been scammed was devastating. It’s a huge loss for my family,” she said.
A Sophisticated Scam
According to Constable Cory Riggs of the Alberta RCMP, the GIC scam is not new but has become increasingly sophisticated. Fraudsters create professional-looking websites to lure victims into providing contact information.
“At that point, it turns into a phishing scam,” Riggs explained. “They impersonate legitimate businesses or government officials, gain the victim’s trust, and convince them to transfer money—whether as an investment or to pay a supposed fine.”
Barnes is not alone. Similar scams have cost Canadians hundreds of thousands of dollars.
- Walter Yamka, a senior from Oakville, Ontario, lost $750,000 after being promised a near $800,000 return within a year.
- Ana Seara’s brother, from Kitchener, Ontario, lost $900,000, believing he was sending money to a legitimate institution.
“He truly thought he was investing in the right place,” Seara said. “It was his hard-earned retirement savings.”
PC Financial Issues Warning
PC Financial has now posted a warning on its website, stating that it does not sell GICs through phone, email, or in-person representatives.
“We urge everyone to be cautious when dealing with unverified requests for personal or banking information,” the company said in a statement.
Calls for Banks to Do More
Duff Conacher, co-founder of Democracy Watch, believes banks need stronger safeguards to prevent scams like this.
“The banks have been negligent in setting up online banking systems without sufficient security measures to protect customers from fraud,” Conacher stated.
Riggs advises people to stay cautious and verify all investment opportunities thoroughly.
“If something seems too good to be true, it probably is,” he warned. “Taking a few extra minutes to confirm who you’re dealing with can prevent these scams.”
Barnes has reported the fraud to the RCMP and hired a lawyer. She believes her bank should take responsibility, arguing that the transaction should have raised red flags since the funds did not go to PC Financial.
Her story serves as a stark reminder to double-check financial transactions and remain vigilant against scams.
