The Alberta RCMP is warning the public of an online nation-wide scam involving an investment app that has led to $148,630 in losses for victims.
“Avoid falling victim to such scams by carrying out your due diligence and thoroughly researching the businesses you are trusting with your money,” said Sgt. Tyson Duff with the Alberta RCMP integrated market enforcement team (IMET), in a press release.
In a press statement on March 16, IMET, a federal policing program that detects, investigates, and deters market fraud, warned the public of the commission app Aweunion or Awebuy — a Ponzi scheme that promises people a return on investments made to the app and then claims to use these investments to purchase unpopular products on Amazon.
“We are asking the public to be vigilant in the investments they are making via apps and online platforms that promote significant profit or returns on their finances,” said Duff.
So far, 14 people have reported the app to the RCMP with a total of $148,630 in losses.
Registration for the app is advertised over social media. Once downloaded, people then invest money to be used by the app to purchase unpopular Amazon products to “increase their relevancy and improve performance through the site’s algorithm,” the press statement read.
People believe they will be receiving a commission from the investments they make on the app, but they will receive little to no return. Aweunion administrators become unavailable after people have invested significant amounts of their personal finances.
Members of the public are encouraged to verify trusted charities and businesses on the Better Business Bureau website at www.bbb.org. You can also find information about ongoing scams through at www.antifraudcentre.ca, or by calling 1-888-495-8501.