On March 17th, 2022, the Canadian Anti-Fraud Centre and Winnipeg Police Service (WPS) were able to recover a $17 000 fraudulent Bitcoin transfer associated to a crypto investment scam. This recovery is an example of how important it is to report to both CAFC and local police.
Investment scams were the highest reported scams based on dollar loss in 2021 for which victims reported losses of $163.9 Million to CAFC. In most of these cases, the investment opportunities offer higher than normal, or true monetary, returns which often result in investors losing most, or all, of their money.
- Investment opportunities with higher than normal returns.
- Unsolicited telephone, email or social media investment offers.
- Displays of urgency so you don’t miss out.
- An individual met on a dating or social media website who quickly attempts to convince you to invest into cryptocurrency.
- A friend tells you about a cryptocurrency investment opportunity via social media or email.
How to Protect Yourself
- If you receive a suspicious message from a trusted friend, reach out to them through a different means of communication to confirm that it is them.
- Verify if the investment companies are registered with your Provincial Securities Agency or the National Registration Search Tool (www.aretheyregistered.ca).
- Prior to investing, ask for information on the investment. Research the team behind the offering and analyze the feasibility of the project.
- Be wary of individuals met on dating or social media who attempt to educate and convince you to invest into cryptocurrency.
- Beware of fraudsters asking you to open and fund new crypto accounts. They will direct you to send it to wallets they control.
Anyone who suspects they have been the victim of cybercrime or fraud should report it to their local police and to the Canadian Anti-Fraud Centre’s online reporting system or by phone at 1-888-495-8501. If not a victim, you should still report the incident to the CAFC.