THUNDER BAY — Scammers continue to hone their ways to target vulnerable people, the latest being those interested in cryptocurrency.
The Thunder Bay Police Service is warning the public about the latest scam circulating.
Police received reports of residents being targeted, including one case where an individual lost more than $500,000.
The scam offers the victim promises of wealth through substantial returns on investments in cryptocurrency. Once the scammer receives the victim's personal financial information, the victim is then digitally robbed.
Funds are not often recovered in these types of incidents.
In a news release, city police indicated that funds can quickly be transferred through multiple exchanges originating in several different countries and are extremely difficult for law enforcement to trace.
The Thunder Bay Police Service’s economic crime unit urges residents to do their due diligence before engaging in any cryptocurrency investment, including seeking credible financial advice and using reputable exchanges.
Residents are also encouraged to speak to family members and friends who may be vulnerable to being targeted by this type of scam.
If you are concerned about potential scams and want to learn more, contact the Canadian Anti-Fraud Centre.
Reports of fraud and cybercrime can be made to the the police through their online reporting tool.
