The Upper Ottawa Valley Detachment is warning the public about a recent cryptocurrency investment scam that resulted in nearly $10,000 in losses for an elderly victim. The victim was lured by a phone call from a scammer who promised high returns after depositing money into a cryptocurrency ATM. Scammers often set up fake companies with professional-looking websites and use high-pressure tactics to persuade individuals to invest more money.
To avoid falling victim to such scams, the OPP advises being cautious of investments that promise unusually high returns, conducting thorough research on companies, and verifying their legitimacy through business registration authorities. It’s also crucial to never share private keys or recovery phrases for cryptocurrency wallets, and to avoid storing funds in exchange wallets for extended periods.
If someone suspects they have been scammed, they should report the incident to local police, notify their bank, and save any relevant information. Changing passwords and considering identity fraud protection are also recommended. For assistance, individuals can contact the Canadian Anti-Fraud Centre at 1-888-495-8501 or visit their website at www.antifraudcentre.ca. Staying vigilant is key to protecting investments from fraud.
(Written by: Emma Butler)
