OPP warns of cryptocurrency scams

OPP warns of cryptocurrency scams

The OPP warns against a steady increase of scams related to cryptocurrency. Fake cryptocurrency investment companies are set up with convincing websites, social media accounts, and reviews from « satisfied customers ». Once lured in through social media or even dating sites, high-pressure sales tactics convince victims to keep investing larger and larger amounts of money with no chance of a return. invest ever-increasing amounts of money. 

Research is key to avoid being scammed. Make sure the company is a registered business, search online for complaints related to the company, and remember that complaints may be registered in other countries as well. If they claim to be associated with a legitimate company, contact the company to see if that’s true. 

Never give out any password, cryptocurrency keys, or recovery phrases to anyone. Store them physically, or in a password-protected file if on a device. Remain suspicious of any investment opportunity that promises high returns in a short amount of time, and don’t keep funds in an exchange wallet any longer than is necessary. 

Anyone who thinks they have been scammed should contact local police and their bank immediately. Save any information that may help with the investigation, like bank account numbers, bitcoin addresses, copies of any correspondence with the fraudsters, and the date of every interaction. Change the passwords on all personal bank, credit card, and other financial accounts, as data-stealing malware could have been hidden in any emails or online transactions. Remember that many advertisements to recover money lost through cryptocurrency investment fraud are also scams and should not be trusted. 

For more information on cryptocurrency fraud visit The Canadian Anti-Fraud Centre website: antifraudcentre-centreantifraude.ca/ 

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