More and more Canadians are becoming victims of cryptocurrency scams, losing over $94 million in just the first nine months of this year, according to the Canadian Anti-Fraud Centre. This is a troubling increase compared to previous years, as scammers are taking advantage of the rising interest in digital currencies.
The Ontario Provincial Police (OPP) are warning that cryptocurrency scams, especially those aimed at new investors, are becoming harder to investigate because crypto transactions can happen anywhere in the world. OPP Detective Constable John Armit notes that once money is sent, tracking it down is very difficult. This challenge has led to more fraud cases, prompting the OPP to start Project Atlas to help protect victims in Ontario and beyond.
Scammers often attract people with online ads that promise crypto investments for as little as $250. Victims see fake profits on their investments and are pushed to invest more. By the time they realize it’s a scam, it’s usually too late, and their money is gone. These scams, along with serious incidents like the kidnapping of a Toronto-based crypto CEO for ransom, highlight the growing risks related to cryptocurrency.
Experts recommend that potential investors stick to regulated platforms to help avoid fraud, and the Ontario Securities Commission advises being cautious, pointing out that crypto investments can be very risky. Det.-Const. Armit suggests being on the lookout for red flags, such as unexpected messages or celebrity endorsements, and to talk to trusted financial advisors. Understanding how cryptocurrency works is also crucial for avoiding scams.
As the popularity of cryptocurrencies keeps increasing, so does the chance of falling prey to scams. It’s important for Canadians to stay informed and vigilant against these changing fraud tactics.
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