Police are always on high alert these days with scammers. (Photo by Don Bodger)

Bitcoin and cryptocurrency scams targeting the most vulnerable

Safely navigating a new type of gold rush frontier

North Cowichan/Duncan RCMP have received numerous reports of frauds relating to Bitcoin and Cryptocurrency during the last six weeks.

Scammers are targeting and victimizing vulnerable people. Losses of more than $64,000 have been reported to the North Cowichan/Duncan RCMP through various types of scams.

The family of one elderly scam victim want the public to be warned of similar scams so others won’t fall victim to the same thing. The scam includes a company getting in touch with the victim for an investment opportunity. The company asks their investors to provide notarized copies of their passport, a property value assessment, and all banking information. The company is pitched like a pyramid scheme with the opportunity to make more money if you can convince other people to join the investment.

In another instance, police report, someone fell victim to a fraudulent company on a Cryptocurrency Market trading platform. Over a period of four months, tens of thousands of dollars were wire transferred to an illegitimate company based out of South Africa. By the time the victim became aware they were being scammed, it was too late. Immediately after making their final “investment”, the Cryptocurrency they believed they were investing in plummeted and they lost their money.

The best way to fight these crimes is through awareness, police advise in a news release. Victims, or families of victims can contact the Canadian Anti-Fraud Centre with information.

The RCMP manages the CAFC. It is a repository for data, intelligence and resource material related to fraud. It can be helpful in assisting citizens, business, and law enforcement in Canada and around the world.

For more information on what to do if you are the victim of a scam, visit the Scams and Frauds page on the RCMP website. There is also information on warning signs if you believe a family member has fallen victim to a scam.

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