St. Thomas Police are once again reminding the community to be vigilant following a recent cryptocurrency scam.
A local resident contacted police Tuesday after they made several bank transfers between April and August of this year to a cryptocurrency company they now believe to be fraudulent.
This resulted in a $120,000 loss.
St. Thomas Police continue to investigate and remind residents to protect themselves.
Cryptocurrency scams and fraud attempt to steal money, personal and financial information. Fraudsters will offer you cryptocurrency buy-ins promising a high rate of return and in a short amount of time. Instead, the victim will lose their investment and sometimes their personal and financial information.
Cryptocurrencies operate independently of a central bank and are currently unregulated in Canada. The Canadian Anti-Fraud Centre warns that there isn’t the protection from fraud when using cryptocurrencies, as there is when using a credit card. No government agencies will ever request payment in the form of cryptocurrencies.
To read more about current scams, click here.
