Ontario Police Warn About Crypto Scams
A resident of Renfrew County in Ontario, Canada, recently fell victim to a crypto scam and lost $50,000. The scammers impersonated government agencies and the police to deceive the victim. The victim reported receiving multiple spoofed phone calls from individuals claiming to represent federal agencies and the police. They convinced the victim that there was a problem requiring them to convert money into Bitcoin and send it via a Bitcoin ATM.
The exact pretext used by the scammers in this case is not mentioned in the report. However, it highlights that people should be cautious when receiving calls about issues with their Social Insurance Number (SIN) or intercepted packages addressed to them. It is crucial not to convert funds or make payments to unknown individuals claiming to be law enforcement.
Fraud Crisis in Canada
While the loss of $50,000 is significant, it is not the largest recent scam targeting Canadian residents. In April, it was revealed that a British Columbia resident had lost over $7.5 million in a similar scam. The fraudsters gained the victim’s trust and convinced her to trade crypto through a fake app. When she couldn’t withdraw her investment, another individual offered assistance but ended up taking more money from her.
Crypto scams continue to be a problem in Canada, tarnishing the image of digital currencies. Official figures indicate that losses from these types of scams reached $24 million in 2022.
Hot Take: Crypto Scams Pose Ongoing Threat in Canada
Crypto scams remain a persistent threat in Canada, with fraudsters using various tactics to deceive unsuspecting victims. Impersonating government agencies and law enforcement is a common approach employed by these scammers. It is essential for individuals to be vigilant and skeptical of unsolicited calls claiming issues with personal information or packages.
Remember, legitimate government agencies will never ask you to convert funds or make payments over the phone. By staying informed and cautious, you can protect yourself from falling victim to crypto scams and safeguard your hard-earned money.
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