In this episode, Matt and Nate break down modern financial scams, from romance scams and “Nigerian prince” schemes to Ponzi structures and fake government calls. They share real client stories, explain how criminals exploit fear, greed, and loneliness, and offer practical, step‑by‑step ways to protect yourself and your loved ones.

Key Topics Covered

1. Why Financial Scams Are Surging
   • AI, voice cloning, and deepfakes making scams more convincing
   • Fraud losses in Canada in 2024 and why many cases go unreported
2. Real‑World Scam Stories
   • Elderly investor duped via tech-support style scam
     • Fake computer-compromise warning
     • Remote access granted, funds moved from RRIF, TFSA, and lines of credit
     • Classic “send money to unlock a much larger payout” setup
   • Romance / “Pig Butchering” scam
     • Elderly man forms online relationship with younger “grad student”
     • Fake legal documents, estate settlement narrative, and pressure for ~USD 80,000
     • How advisors and lawyers spotted the fraud in time
3. Classic & High‑Profile Schemes
   • Origin of the Ponzi scheme (Charles Ponzi, international reply coupons, “guaranteed” 50–400% returns)
   • Bernie Madoff as a modern large‑scale Ponzi example
   • Using new investors’ money to pay old investors until the scheme collapses
4. Modern Variants: Crypto & Social Media Scams
   • Fake government‑backed crypto opportunities featuring public figures in ads
   • Guaranteed, above‑market returns used as hooks (e.g., “18% guaranteed” on REITs)
5. Psychology of Scams
   • Exploiting fear, greed, lust, envy, shame, insecurity
   • Creating urgency and emotional pressure so people act against their better judgment
6. Red Flags and Prevention Tips
   • “If it sounds too good to be true, it usually is”
   • Be wary of:
     • Guaranteed returns (outside insured bank products / GICs)
     • Unsolicited calls or emails about taxes, credit cards, deliveries, or “compromised” accounts
     • Requests to move money “to protect it” or into crypto
     • Requests for remote access to your computer
   • Best practices:
     • Hang up and independently call back using an official number
     • Use multi‑factor authentication on financial and email accounts
     • Freeze or lock accounts/credit cards if you suspect compromise
     • Consider credit monitoring, especially after data breaches
     • Consult a licensed financial professional before acting on online “opportunities”
7. What To Do If You’re Scammed
   • Contact the institution where the money is held first
   • Then contact the local police (non‑emergency line)
   • Report to the Canadian Anti‑Fraud Centre
   • Talk with family, trusted friends, or your advisor despite the embarrassment
   • Use incidents as education for clients and the broader public

Key Takeaways

• Scams are increasingly sophisticated due to technology and social engineering.
• Guarantees, urgency, emotional manipulation, and secrecy are major red flags.
• Verification, slowing down, and talking to trusted professionals are your best protection.
• Staying vigilant today is critical because scam tools will only get better over time.

To learn more visit: https://www.evangelinewealth.com/

DISCLAIMER: The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This presentation was prepared, by Matthew McGowan and Nathan England CFP, for the benefit of Matthew McGowan and Nathan England CFP, Mutual Fund Representative with Evangeline Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this presentation comes from sources we believe are reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds are offered through Investia Financial Services Inc. Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments. Please read the Fund Fact sheet or prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.