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HomeNewsPolice Warn Of Cryptocurrency Scams After Over $100,000 Lost In One Month...

Police Warn Of Cryptocurrency Scams After Over $100,000 Lost In One Month In The Peterborough Area

KAWARTHA LAKES-Peterborough Police Service says officers continue to receive reports of frauds and scams involving bitcoin.

In recent days, two incidents were reported, and both were scams involving cryptocurrency investments according to police.  Between the two reports, about $16,000 was lost.

In the month of March, which is Fraud Prevention Awareness Month, there was over $100,000 lost to bitcoin scams in Peterborough, Lakefield and Cavan-Monaghan.

The Canadian Anti-Fraud Centre says cryptocurrency scams are becoming more common with fraudsters.  In 2022, Canadians lost a total of $125.8 million where cryptocurrency was used as the payment method.

Facts about cryptocurrency:

  • Once you send crypto currency, it is gone
  • Government agencies do not accept cryptocurrencies
  • Be wary of any person/company claiming to need more funds to “unlock” or access your existing account balance
  • Fraudsters will sometimes pay back small amounts of money making you believe your investments are paying off
  • All legitimate Canadian virtual currency dealers are required to register with the federal government (FINTRAC) and you can verify their registration by visiting the FINTRAC website. Be careful of exchanges that operate from countries outside of Canada.

You can report any frauds or scams to the Canadian Anti-Fraud Centre at 1-888-495-8501.  If you are a victim of fraud, please call the Peterborough Police Service at 705-876-1122 or report it online www.peterboroughpolice.com/online-reporting

“Peterborough Police Service reminds people to approach unsolicited calls and urgent requests for money with extreme caution.  Residents are always encouraged to check the story and speak to others about what they’re being asked to do.” said police.

For more fraud prevention tips: www.peterboroughpolice.com/fraud


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