Guelph woman loses $14K in cryptocurrency scam tied to fake celebrity endorsement

Person holding Apple magic mouse (Vojtech Okenka/Pexels)

Police are warning residents to be cautious of online investment opportunities after a Guelph woman lost $14,000 to a cryptocurrency scam involving a fake celebrity endorsement.

Guelph Police said the victim reported the fraud Tuesday after clicking on a social media advertisement promoting an investment allegedly endorsed by a popular YouTube content creator.

Investigators said the woman paid $250 to join. She later transferred additional funds after receiving instructions from someone she believed was a representative of the company.

At one point, she mistakenly thought she was speaking to the YouTube personality directly and transferred $5,000 to a cryptocurrency wallet provided to her.

“Residents are encouraged to be wary of any telephone call, email or text which requires you to take immediate action and to be suspicious of any supposed celebrity endorsement which can be easily faked with artificial intelligence,” police said in a media release.

Anyone who believes they have been the victim of fraud should report it to their local police department and the Canadian Anti-Fraud Centre online or by phone at 1-888-495-8501.