PETERBOROUGH-In 2023, victim losses from crypto-currency-based fraud reported to the Peterborough Police Service was over $550,000.00.
Police are now issuing a warning for residents to be aware of crypto-currency scams after an increase in reports in 2024.
These frauds come in various forms, but investment scams are becoming increasingly prevalent.
These frauds typically begin with an advertisement on Facebook, Instagram or YouTube. They typically make it appear that a public figure or celebrity are promoting a crypto-currency trading platform.
The victims are then directed to an official-looking website where they provide their contact information. The victim is then contacted by a “representative” of the company who walks them through setting up an account. The victim is directed to fund the account in Bitcoin or other crypto-currency. The victim is then shown that their trading account appears to be doing very well and is encouraged to transfer more crypto-currency.
When the victim attempts to withdraw their funds they are locked out of their account and the company representatives stop communicating with them.
Be mindful of the following when dealing with crypto-currency:
- If something appears too good to be true it probably is
- Unlike frauds involving bank transfers crypto-currency frauds are extremely difficult to trace to determine who has the victim’s funds
- Be wary of investment advice from an unknown online company.
- Be mindful that anything you see online can be faked.
Learn more about fraud scams:http://www.peterboroughpolice.com/fraud