An 82-year-old man from Oakville, Ontario, is warning others after he lost $750,000 to an online scam that tricked him into thinking he was making a safe investment.
Walter Yamka was searching online for good rates on Guaranteed Investment Certificates (GICs) when he came across a website that looked like it belonged to a trusted financial institution. The site promised higher returns than the big banks, so he decided to check it out.
After reaching out through the website, he was contacted by what he believed were bank representatives. Everything seemed professional. There were documents, contracts and even personalized customer service. Convinced he was making a smart financial move, he transferred his life savings to what turned out to be fraudsters.
A painful realization
As time went on, Yamka tried to check on his investment, but the website had disappeared. The emails and phone numbers he had been using no longer worked. That’s when reality hit — he had been scammed.
"Do you know how long I had to work to make that money?" Yamka told CTV News, devastated. His entire financial security had vanished in an instant.
Experts warn: online scams are getting more sophisticated
Financial scams like this are becoming more common, and experts warn that they’re getting harder to spot. "Criminals are constantly trying to find new ways to steal your money. The latest scam? Creating fake websites that look like legitimate financial institutions," consumer advocate Pat Foran said on CTV News.
The scammers go to great lengths to make their schemes look real. They clone websites, use official-looking documents, and even have people answering phones to make everything seem legitimate.
How to protect yourself from getting scammed
It’s easy to assume you’d never fall for a scam like this, but fraudsters are skilled at deception. Here are some ways to protect yourself and your money:
- Double-check the company’s legitimacy – If you’re looking at an investment online, verify the company’s credentials through official sources such as the Canadian Securities Administrators (CSA) or the bank’s actual website.
- Be skeptical of unsolicited offers – If someone contacts you out of the blue offering an amazing investment opportunity, it’s likely too good to be true. Legitimate financial institutions don’t randomly reach out with investment deals.
- Do your research – Look up the company’s name along with words like “scam” or “fraud” to see if others have reported problems.
- Speak with a financial advisor – A licensed financial professional can help confirm whether an investment is legitimate before you commit any money.
- Never rush into an investment – Scammers often create a sense of urgency to pressure you into making quick decisions. Always take your time and verify everything.
- Use official contact methods – If you receive an email or call about an investment, don’t use the contact information they provide. Instead, visit the official website of the bank or company and reach out to them directly.
Stay vigilant and spread the word
Scammers rely on people not knowing what to watch out for. By staying informed and sharing stories like this one, consumers can help one another to prevent others from falling victim to similar scams.
As for Yamka, sadly, the damage has been done, but he hopes his story will serve as a warning to others. "I just want to make sure no one else goes through what I did," he told CTV News.
What to do if you’ve been scammed
If you believe you’ve fallen victim to a scam, act quickly. Contact your bank or financial institution to see if any transactions can be reversed. Report the fraud to the Canadian Anti-Fraud Centre at 1-888-495-8501 and to your local police.
If your identity has been compromised, consider contacting Equifax and TransUnion to place fraud alerts on your credit file. Seeking legal or financial advice can also help you navigate the next steps in recovering from fraud.
Sources
1. CTV News: ‘Do you know how long I had to work to make that money?’ How an Oakville man lost $750K to a fake website (February 25, 2025)
This article Oakville man loses $750K in sophisticated investment scam — How to spot a scam and protect yourselforiginally appeared on Money.ca
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
