Cryptocurrency investment scams are fast-rising up the fraudsters list of favourites, according to OPP.
Scammers go to the trouble of setting up websites and social media presence that appears to look authentic- complete with testimonials from what appear to be satisfied customers.
Once they’ve hooked you, they will use high-pressure sales tactics to convince their victims to invest ever-increasing amounts of money.
Police say some tell-tale tips include the promise of abnormally high returns in a short amount of time.
Do your research- Search the business registration authority in whatever country the company claims to be located to ensure that it is actually a properly registered business.
Never share the private keys for your cryptocurrency addresses or the recovery seed phrases for your cryptocurrency wallets with anyone.
If you store these keys on an internet connected device keep it in a password protected folder or document.
Do not store your cryptocurrency in your exchange wallet for any length of time as it could be hacked and stolen.
If you suspect you may be, a victim of cryptocurrency fraud, report the crime to police and notify your bank.
Change your passwords in case the fraudsters have installed malware on your device.
Save anything that can be used as evidence.
You may also come across advertisements for services that offer to recover money lost through cryptocurrency investment fraud.
For more information on cryptocurrency fraud visit The Canadian Anti-Fraud Centre website.
