Weyburn police renew warnings of bitcoin related scams

A sign for the City of Weyburn can be seen in this file photo. (David Prisciak/CTV News)

Police in the city of Weyburn are warning residents about a resurgence of bitcoin related scams in the area.

During the week of Aug. 5 to Aug. 11, the Weyburn Police Service (WPS) received several reports of scams involving bitcoins.

One version of the scheme involves a person who represents themselves as either a police officer, fraud investigator or bank employee who makes contact with residents.

The fraudster then gives victims a convincing story of how their bank account has been compromised – eventually leading residents to send money via a bitcoin terminal.

“Some have fallen victim to this scam for a significant amount,” Weyburn police said in its release.

The police service reminds residents that personal and financial information should never be given or shared with anyone without making absolutely certain that you know who it is and that it is for a legitimate purpose.

More information on investment scams and how to protect yourself can be found at Saskatchewan’s Financial and Consumer Affairs Authority (FCAA).