Northern Ont. police warn of crypto scams after fraud surge

The North Bay Police Service has issued a public warning following a surge in reports involving fraudulent cryptocurrency investment schemes.

Scammers are posing as legitimate investment firms online, luring victims with false promises before disappearing with their funds, North Bay police said in a recent news release.

“Fraudsters often use high-pressure tactics, urgency, and emotional manipulation to convince victims to transfer money or share sensitive information,” said police.

These scams frequently involve fake websites, social media profiles or paid advertisements appearing at the top of search engine results. Once money is sent, recovery is often impossible, authorities advise.

Red flags and prevention tips

Authorities emphasized that fraudsters exploit emotions – such as fear, greed or sympathy – to pressure victims into quick decisions. They also warned against unusual payment methods, including cryptocurrency ATMs, gift cards or wire transfers.

Key advice includes:

• Being cautious with unsolicited calls, as they are often fraudulent.
• Verifying urgent requests from government agencies or companies by contacting them directly.
• Avoiding allowing remote access to computers, as scammers may use fake links or software to steal personal data.
• Educating elderly family members about fraud schemes, as they are frequent targets.
• Following the “take 5, tell 2” rule – pause to think and consult two trusted people before making financial decisions.

Police reiterated that if an investment opportunity “seems too good to be true, it likely is,” urging the public to conduct thorough research before committing funds.

How to report fraud

To report fraud, call police at 705-497-5555 and press 5 to speak with an officer. You can also contact the Canadian Anti-Fraud Centre at 1-888-495-8501 or report fraud online.

“Your assistance can make a meaningful difference in ongoing investigations,” police said, urging the public to report suspicious activity.