Media Release. Tuesday, June 29, 2021.
Beware of Cryptocurrency Investment Scams
(Bradford, ON) The South Simcoe Police Service is warning residents to beware of cryptocurrency investment scams after a Bradford man lost a sum of money.
The man invested with an online cryptocurrency trading company. Once he created an account, the company promised “bonus” funds if he deposited more cash.
When he checked his account the next day, it was empty. The company claimed to help him recover his funds through successful investments but he wasn’t allowed to withdraw the supposed earnings until he made over $100,000 worth of trades. The scammers then suggested he hand over more cash in order to recoup his losses. The victim refused and now wants to warn others.
Investor scammers target victims who are hoping for fast returns on investments. When the victim tries to withdraw their money, they are unable to do so. Suspects then end all communication with the victim.
Here are some tips to prevent becoming a victim of fraud:
If a website promises abnormally high returns, this is a red flag and common indicator of a scam.
Do some research. Check for negative reviews about the company.
Beware of offers of free money either promised in cash or cryptocurrency.
Resist the pressure to act quickly and watch out for urgent pleas that play on your emotions. Fraudsters will attempt to cause fear in efforts to make a financial gain, and may direct you to not communicate with family or friends during the transaction.
Do not provide personal information (e.g. SIN, passport number, credit card numbers, or banking information) over the phone unless you made the call and know who you are speaking to.
South Simcoe Police Service urges residents to share this information with friends, neighbours, and family members who may not be connected to social media or who may have missed previous warnings on the news. Trust your instincts. If it feels wrong, it probably is.
Report fraud to police and the Canadian Anti-Fraud Centre at 1-888-495-8501 or visit www.antifraudcentre-centreantifraude.ca.