NEWS RELEASE
ONTARIO PROVINCIAL POLICE
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CENTRE WELLINGTON TOWNSHIP - The Wellington County Ontario Provincial Police (OPP) is warning residents about cryptocurrency investment scam after a local resident fell victim. On Oct. 5, 2024 just before 3:30 p.m., the Wellington County OPP received a report from a Fergus resident who lost over $60,000 to a cryptocurrency investment fraud. While this investigation remains ongoing, Wellington County OPP would like to offer some information to assist in safeguarding residents from these types of events.
Investment Scams
According to the Canadian Anti-Fraud Centre (CAFC), in 2024, Ontario residents lost approximately $ 284 million in an assortment of frauds, with another $569 million being reported in 2023. Further, it is estimated that only between 5 to 10 per cent of frauds are reported to the CAFC or police. Scammers are using advanced methods to appear legitimate and trick people into trusting them.
Investment scam reports received by the OPP and the CAFC include initial coin offerings, Ponzi schemes, franchise opportunities, futures trading, multi-level marketing opportunities, mortgage investment opportunities and pump and dump schemes. 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.
Warning Signs
- Investment opportunities with higher-than-normal returns.
- Unsolicited telephone, email or social media investment offers.
- Displays a false sense 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.
- Telephone calls from crypto investment companies.
- Fraudulent ads posted on the internet or social media.
- Request to transfer your crypto investment to an alternate crypto address.
If you do fall victim to a fraud or know someone who has, contact your local police service to report the crime, and also report it to the Canadian Anti-Fraud Centre (CAFC). The CAFC collects information on fraud and identity theft Canada wide. Contact the CAFC by phone at 1-888-495-8501 or online by way of the Fraud Reporting System (FRS), even if a financial loss did not occur.
For more information on scams and frauds, the public is encouraged to read The Little Black Book of Scams, which can be found online.
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