The Saskatchewan RCMP is warning residents to keep an eye out for possible cryptocurrency scams.
Through January 1 to July 31, Sask. RCMP have responded to 116 files involving cryptocurrency fraud with victims reporting more than $3.4 million lost due to cryptocurrency fraud.
Scammers have been known to use a few different tactics including:
Employer scams: a scammer pretends to be the owner of a business and has the victim withdraw money from the cash register and deposit it in a cryptocurrency ATM.
Grandparent scams: a scammer pretends to be a grandchild or close relative of the victim and states that they are in a crisis situation, asking for immediate financial assistance.
Investment fraud: a scammer lures the victim using investment opportunities for cryptocurrencies to make a profit by creating links on various social media advertisements to steal investments. These scammers often use popular, recognizable names of celebrities or people well known to the public.
Some warning signs of cryptocurrency fraud include
investment opportunities with higher-than-normal returns
unsolicited telephone, email or social media investment offers
pressure to send money quickly/urgently
suspicious messages from a trusted source, like a bank or family member
cryptocurrency investments that are not registered with provincial or national securities regulators
contact pages that include an illegitimate address
If you or a family member have been contacted by a scammer, you’re asked to contact the Canadian Anti-Fraud Centre, even if you didn't give them any money (antifraudcentre-centreantifraude.ca/report-signalez-eng.htm or 1-888-495-8501).
If you lost money due to a scam, you’re also asked to contact your local detachment of the RCMP.