Perth County OPP are warning residents to be wary of crypto scams online.
This follows a resident losing a significant chunk of change after being scammed recently.
On February 6 just before 11:30 a.m., police received a report of a fraud from a Perth East Resident resident who lost over $140,000 to a cryptocurrency investment fraud.
Police are urging everyone to be very cautious when making investments online.
According to the Canadian Anti-Fraud Centre (CAFC), in 2022, Ontario residents lost approximately $136,489,556 in investment related frauds and approximately $20,332,013 in romance related frauds. Further, it is estimated that only between 5 to 10 percent of frauds are actually reported to the CAFC or police.
The majority of the investment scam reports involve Ontario residents deciding to invest in cryptocurrency after seeing a deceptive advertisement on social media. It typically involves victims downloading a trading platform and transferring cryptocurrency into their trading account. In most cases, victims are not able to withdraw their funds. It is very likely that many of the trading platforms are fraudulent or controlled by fraudsters.
Warning Signs:
Investment opportunities with higher than normal returns.
Unsolicited telephone, email or social media investment offers.
Displays of urgency so you don't miss out.
An individual met on a dating or social media website who quickly attempts to convince you to invest into cryptocurrency.
A friend tells you about a cryptocurrency investment opportunity via social media or email.
Telephone calls from crypto investment companies.
Fraudulent ads posted on the internet or social media.
Request to transfer your crypto investment to an alternate crypto address.
If you do fall victim to a fraud or know someone who has, contact your local police service to report the crime, and also report it to the Canadian Anti-Fraud Centre (CAFC). The CAFC collects information on fraud and identity theft Canada wide. Contact the CAFC by phone at 1-888-495-8501 or online by way of the Fraud Reporting System (FRS), even if a financial loss did not occur.