Conversations That Matter: Fighting financial fraud

Douglas Muir, the director of the enforcement division at the B.C. Securities Commission. Photo by Stuart McNish /Conversations That Matter

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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.

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“Fraud is not going away,” said Douglas Muir, the director of the enforcement division at the B.C. Securities Commission, “in fact it’s accelerating due to the introduction of AI which means you’re reacting in human time while the scammer is fuelled by machine speed.”

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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.

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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 in to this scam include, no phone contact, conversations about investments and returns with a focus on the prize of big payouts.”

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Muir joined a Conversation That Matters about the scope of scamming within the investment community in B.C., what you need to know and what he and the Securities Commission are doing to combat fraud. See the video at vancouversun.com/tag/conversations-that-matter.

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Join us Sept. 22 for Conversations Live, artificial intelligence and cybersecurity.

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