Police issue warning after spike in cryptocurrency fraud cases

(THE CANADIAN PRESS/Jonathan Hayward)

The Owen Sound Police Service is warning residents about a recent rise in cryptocurrency-related frauds affecting the community.

Officials say these scams are becoming more sophisticated across Ontario and Canada. They often start with online ads, social media posts, unsolicited messages, or phone calls that promote what appear to be guaranteed investment opportunities.

“Once victims send cryptocurrency, the funds are typically transferred through multiple international platforms, making recovery extremely difficult,” the police service stated.

According to police, scammers pose as legitimate investment brokers and direct people to fake trading platforms that look convincing. After showing fake profits, the scammers pressure people to invest increasing amounts of money. They say that when their intended victim tries to withdraw their funds, they are blocked and asked to pay additional fees for things like taxes, verification, or other charges. Once significant sums have been transferred, the scammers disappear.

The Owen Sound Police Service advises people to be cautious about unsolicited investment offers, especially those promising high or guaranteed returns. They warn against sending cryptocurrency to anyone not personally known or verified as legitimate.

“Never share your banking information, remote access to your computer, or your crypto wallet’s private keys or recovery phrases,” police stressed.

Police also recommend researching investment platforms carefully to ensure they are registered with Canadian securities regulators and consulting a trusted financial advisor before making any investment decisions.

Anyone who believes they have been targeted or fallen victim to a cryptocurrency scam is urged to contact police and report the incident to the Canadian Anti-Fraud Centre.

“Remember: if it seems too good to be true, it probably is,” police said.