THUNDER BAY — The Thunder Bay Police Service is warning the public about the latest scam circulating.
The scam offers the victim promises of wealth through substantial returns on investments in cryptocurrency.
City police say that community members have said the fraudsters advertise fraudulent investment platforms or cryptocurrency exchanges that appear to be legitimate.
Once the scammer receives the victim's personal financial information, the victim is then digitally robbed.
Funds are typically not recovered in these incidents.
City police said in a news release that funds can quickly be transferred through multiple platforms based 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 these types of scams.
Reports of fraud and cybercrime can be made to the police through their online reporting tool.
