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How to spot the latest scam; digging into housing affordability: CBC’s Marketplace cheat sheet | CBC News

February 11, 2024
in Canada
Reading Time: 7 mins read
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Miss one thing this week? Do not panic. CBC’s Market rounds up the buyer and well being information you want.

Need this in your inbox? Get the Market e-newsletter each Friday.

Human trafficking sufferer says he was pressured to focus on Canadians in crypto funding rip-off

An anonymous man walks through a city at night.
The person pictured says he was held captive in Sihanoukville, Cambodia, the place he was pressured to start out conversations with strangers on-line to persuade them to make doubtful investments. (CBC)

A person who focused Canadians for cryptocurrency funding scams is talking out after escaping the Cambodian compound the place he was pressured to do it. 

In an unique interview with CBC’s Market, the Malaysian man says he turned a sufferer of human trafficking after he answered a put up on a Fb group promoting a customer support job with a Cambodian on line casino.

John, whose actual identify CBC has agreed to withhold to guard his security, spent 4 months with others primarily held captive in compounds in Sihanoukville, Cambodia. Whereas there, he was pressured to start out conversations with strangers on-line, achieve their belief and persuade them to make doubtful investments.

“If we do not observe [the rules], we can be overwhelmed or electric-shocked,” he mentioned.

John mentioned it began when he was laid off from his job at a Cambodian on line casino through the COVID-19 lockdowns in 2020 and compelled to maneuver again to Thailand, the place he was beforehand primarily based. After 4 months with out work, he turned determined. He was relieved when he noticed an internet advert for a on line casino in a unique Cambodian metropolis, and that his new employer would fly him there with all bills paid.

Quickly after arriving in Sihanoukville, John was locked right into a unit on the fourth ground of a compound and had his passport confiscated. Whereas in Cambodia, he was pressured to focus on Canadians and different English-speaking Westerners in cryptocurrency scams designed to steal their life financial savings.

“We [were] at all times on the fourth ground to eat, to work, to sleep, to take a bathe,” John mentioned, who warned others to be cautious of accepting a job that appears to come back too simply. 

“When you get into the rip-off compound, that may be your life — gone.” Learn extra.

You may watch the total Market episode, “Dangerous Romance: Who’s conning Canadians?” anytime on CBC Gem.

Romance scammer reveals how he methods ladies after failing to idiot Go Public reporter

A Black man with thin dreadlocks and a red shirt is standing with the back of his head to the camera. He's looking at a phone in his right hand that has a black screen.
This Nigerian man reached out to CBC Information reporter Erica Johnson on Instagram, claiming to be an enamoured 40-something American oil rig engineer. In fact, he was a 27-year-old romance scammer on the lookout for a giant rating. (Identify withheld/Graphic by Adam Ciolfi)

When “Bobby Brown” despatched CBC reporter Erica Johnson a direct message on Instagram, she knew straight away he wasn’t the actual deal. A tall, good-looking, 40-something man who mentioned he’d discovered her social media profile and change into enamoured. 

“Good smile,” he wrote. “I am Bobby Brown from Sacramento, California, USA. At the moment dwelling in Scotland working right here as an oil drilling engineer.” 

Often, Johnson deletes messages from strangers who attain out on social media claiming to be troopers, surgeons or, like “Bobby,” oil rig engineers. An uncannily excessive quantity declare they’re widowed. 

Johnson suspected this on-line Romeo was operating one of the well-liked cons going — the romance rip-off.

Romance scams had been chargeable for a number of the highest monetary fraud losses in 2023, in line with the Canadian Anti-Fraud Centre, costing 945 victims greater than $50 million. Which means every particular person misplaced a mean of virtually $53,000. And that solely displays the fraud that victims reported to authorities.

Moderately than scoff at individuals who fall prey to romance scams, social psychologist Andre Wang says individuals ought to perceive what drives that want for connection.

“It is truly tapping into one thing that is fairly basic about who we’re as human beings,” mentioned Wang, assistant professor of psychology on the College of Toronto. “This basic must belong.”

After six weeks of messaging forwards and backwards with Bobby, Johnson lastly known as him out and requested him to come back clear about his life as a romance scammer, how he does it and why he says he cannot cease. Learn extra.

Financial institution of Canada says housing affordability is about boosting provide, not decreasing rates of interest

A grey-haired man, wearing glasses and a navy suit, gestures as he speaks while sitting in blue chair.
Financial institution of Canada governor Tiff Macklem speaks throughout a hearth chat on Tuesday, in Montreal. (Christinne Muschi/The Canadian Press)

Canada’s actual property market is notoriously unhinged. Residence costs are up greater than 35 per cent in simply 4 years. Mortgage curiosity prices are up 30.9 per cent 12 months over 12 months. And rental costs are regularly hitting document highs.

As inflation comes beneath management, there’s a rising refrain calling on the Financial institution of Canada to chop rates of interest, easing at the very least a few of these affordability points.

However Financial institution of Canada governor Tiff Macklem says a decrease rate of interest is not the silver bullet individuals are hoping for.

“Housing affordability is a major drawback in Canada however not one that may be mounted by elevating or decreasing rates of interest,” Macklem mentioned throughout a speech in Montreal on Tuesday.

Macklem mentioned the actual subject is that housing provide has fallen in need of housing demand for years.

“There are various the reason why: zoning restrictions, delays and uncertainties within the approval processes and shortages of expert employees. None of those are issues financial coverage can handle,” he mentioned in his handle to the Montreal Council on International Relations.

Macklem admits the emergency low rates of interest through the COVID-19 pandemic helped gasoline the run-up in house costs throughout that point. And the central financial institution’s personal analysis exhibits that “shelter inflation” continues to drive inflation. Learn extra.

What else is occurring?

CTV followers— your information may look totally different soonBell Media is planning cuts to CTV, BNN Bloomberg, and the sale of 45 radio stations, making it the biggest spherical of job cuts in almost 30 years.

B.C. is transferring flavoured nicotine pouches behind pharmacy counters to guard youthThe pouches, which comprise as much as 4 milligrams of nicotine, are marketed as a smoking cessation help.

The justice minister had his automobile stolen. Once more.As legislation enforcement is battling a rising variety of auto thefts, the minister’s government-owned automobile was stolen for the third time in three years. 

Market wants your assist!

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Calling all Market superfans!  We wish to understand how Market has modified your life. Which story has had the most important influence on you, your well being or your pockets? Ship us a video message and you would seem on our present. Electronic mail your movies to market@cbc.ca

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Are you on the lookout for the most recent in enterprise information? You will wish to subscribe to this text, too.

Thoughts Your Enterprise is your weekly have a look at what’s taking place within the worlds of economics, enterprise and finance. Subscribe now.

Atone for previous episodes of Market on CBC Gem.

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