Ep. 614: Fighting Financial Fraud
Guest: Doug Muir (BC Securities Commission)
Do you know what a “pig butchering” scam is? Or do you know what a “money mule” is? If you don’t, then the odds of you being scammed increase. Douglas Muir, the Director of the Enforcement Division at the BC Securities Commission, says that “fraud is not going away; in fact, it’s accelerating due to the introduction of AI, which means you’re reacting in human time while the scammer is fueled by machine speed.”
A “pig butchering” scam is a long-term fraud where the victim is courted over weeks or months before any mention of money. This is what is known as “fattening the pig,” where the victim is showered with affection and attention – all designed to lead to a financial slaughter in a fraudulent investment scheme.
According to a Fortra Tripwire report, “A typical first point of contact would be a text or WhatsApp or Tinder message such as, ‘It was great meeting you at the gala.’” It’s the kind of message that has an air of truth about it, because few people remember everyone they meet. It’s also a warning – to always be on high alert. Other signs you’re being drawn into this scam include no phone contact and conversations about investments and returns with a focus on the prize of big payouts.
We invited Douglas Muir of the BCSC to join us for a Conversation That Matters about the scope of scamming within the investment community in British Columbia, what you need to know, and what he and the BCSC are doing to combat fraud.
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