Photo by B. Shakyaver
OPP is warning residents to be cautious as more and more people are failing victim to cryptocurrency investment scams.
Investment frauds have become increasingly common, with scammers using convincing tactics to trick people into believing their offers are legitimate. According to the Canadian Anti-Fraud Centre (CAFC), Ontario residents lost around $284 million to various types of fraud in 2024, following losses of $569 million in 2023. However, only a small fraction of these scams are reported, so the actual numbers may be much higher.
Common scams include offers related to cryptocurrency, Ponzi schemes, multi-level marketing, and other too-good-to-be-true investments. Many of these scams promise unusually high returns, but victims often end up losing most or all of their money.
Here are some warning signs of investment scams:
Promises of high returns with little or no risk.
Unsolicited investment offers through phone calls, emails, or social media.
A sense of urgency, pressuring you to act quickly.
Someone you meet online who pushes you to invest in cryptocurrency.
Friends or acquaintances recommending a cryptocurrency opportunity through social media or email.
Fake ads for investment opportunities online.
Requests to transfer cryptocurrency to an unfamiliar or alternate address.
If you or someone you know becomes a victim of fraud, it is important to report it to your local police and the Canadian Anti-Fraud Centre (CAFC). You can contact the CAFC by phone at 1-888-495-8501 or report it online through their Fraud Reporting System, even if no financial loss occurred.
Stay vigilant and protect yourself from falling prey to these scams.
Written by: K. Milhomens