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Cryptocurrency Investment Scam

The majority of investment scams involve cryptocurrency. There are many variations of crypto investment scams, here are some examples:

  • A victim may be contacted over social media or a dating website and the fraudster offers the victim an “investment opportunity”.
  • Fraudsters hack into people’s social media accounts and post and message friends about “cryptocurrency investment opportunities”.
  • A fraudster calls a victim and claims that by giving the fraudster remote access to the victim’s computer that the victim will be able to invest cryptocurrency on a special website which will result in exponential growth of the investment. However, the funds cannot be withdrawn from the investment.
  • A victim receives an email about a cryptocurrency investment opportunity. 
  • Ads are posted on websites and social media that encourage victims to invest in cryptocurrency. When the victim clicks on the ad and puts in their contact information, the fraudster calls the victim and pressures them to invest.

Now it’s your turn!

Cryptocurrency Investment Scam Clues
  • Investment opportunities with high returns and low risk.
  • Unsolicited investment offers received through email, telephone, or social media.
  • Urgent tone or messaging by the advertisement itself or the fraudster offering the investment opportunity.
  • A person you have communicated with on social media or a dating website encourages you to invest in cryptocurrency.
  • Cryptocurrency investment ads posted on the internet and social media.
  • If you are currently invested in cryptocurrency, a fraudster may encourage you to change your investment to a different crypto address.
Cryptocurrency Investment Scam Defence
  • Be extremely cautious when sending cryptocurrency, as once the transaction is complete it often cannot be reversed.
  • If you are interested in investing in cryptocurrency, do your research on reputable businesses, laws and regulations, and information about cryptocurrency.
  • If a friend on social media sends you a suspicious message, contact them through a different communication platform to confirm it was them.
  • Check to see if the investment company you are thinking of using is registered by visiting www.aretheyregistered.ca.
  • Before you invest, research the company, the company’s team members, the offer, and whether you are financially able to invest.
  • Be cautious about individuals who attempt to educate you and encourage you to invest in cryptocurrency over social media or the internet.
  • Do not open and fund new crypto accounts at the request of someone else.

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