Here's what police want you to know about the Investment Scam

A cellphone is shown in this file photo. (Porapak Apichodilok / Pexels.com)

Police are warning the public about an ongoing scam involving fake promises and guarantees that can ultimately result in loss of money.

• Download the CTV News app to get local alerts on your device 
• Get the latest local updates sent to your email inbox

South Simcoe police say scammers use pop-up ads on social media that can look very legitimate, and once someone responds to the ad, the scammer contacts them and asks them to download the "ANYDESK" app.

Police say the app gives the scammer full access to the victim's device, allowing them to steal personal and banking information.

The scammer then asks the victim to create an account and make a small initial investment. Once the account is set up, the scammer transfers money from the victim's line of credit and credit cards into the 'investment' account.

Police say the scammer then quickly transfers this money out to various unknown accounts, leaving the victim with losses they can't recover.

Protect Yourself

• Don't be swayed by high-pressure sales tactics.
• Always research investments before committing.
• Look up any app you are asked to download.
• Never download apps that grant access to your device or personal information.
• Only you should have access to your devices.
• Never share personal information with strangers.

"Trust your gut. If it feels wrong, it probably is," the police service concluded.

Police advise reporting this type of fraud to the authorities and the Canadian Anti-Fraud Centre.