Cryptocurrency scams defrauded Edmontonians more than $5M over 2 years: police
More than $5.6 million has been stolen in Edmonton through scams referencing cryptocurrency, police say.
Between the fall of 2019 and December 2021, Edmonton Police Service's Cybercrimes Unit received 112 fraud reports involving an investment in cryptocurrency. In most cases, the scam referenced the digital currency called bitcoin.
Some victims lost their life savings, according to police. One victim lost more than $1 million.
Usually, they were convinced to invest via a website or mobile application that appeared legitimate.
"Scammers befriend complainants via social media, phone calls, online advertisements and online dating platforms and encourage them to make a small investment. The websites and applications are often controlled by the suspects who manipulate the investment numbers to make it look like investors (complainants) are making significant gains," EPS said in a statement on Wednesday.
"This subsequently tricks complainants into investing even more money. Shortly after they invest a larger sum, the website or mobile application disappears or becomes inactive, and their funds are gone."
Police say there are few ways to retrieve the money, so education and prevention is the best way to deal with fraud.
They advise being wary of anyone who approaches you to invest and whose identity you cannot verify, or websites that have limited functionality or poor spelling and grammar. Police also suggest verifying the legitimacy of an organization and its financial standing or disclosures. Companies should be registered with FINTRAC or the Canadian Securities Administrator. If the company or a person is not registered, citizens are asked to contact their local securities regulator.
CTVNews.ca Top Stories
From essential goods to common stocking stuffers, Trudeau offering Canadians temporary tax relief
Canadians will soon receive a temporary tax break on several items, along with a one-time $250 rebate, Prime Minister Justin Trudeau announced Thursday.
She thought her children just had a cough or fever. A mother shares sons' experience with walking pneumonia
A mother shares with CTVNews.ca her family's health scare as medical experts say cases of the disease and other respiratory illnesses have surged, filling up emergency departments nationwide.
Trump chooses Pam Bondi for attorney general pick after Gaetz withdraws
U.S. president-elect Donald Trump on Thursday named Pam Bondi, the former attorney general of Florida, to be U.S. attorney general just hours after his other choice, Matt Gaetz, withdrew his name from consideration.
A one-of-a-kind Royal Canadian Mint coin sells for more than $1.5M
A rare one-of-a-kind pure gold coin from the Royal Canadian Mint has sold for more than $1.5 million. The 99.99 per cent pure gold coin, named 'The Dance Screen (The Scream Too),' weighs a whopping 10 kilograms and surpassed the previous record for a coin offered at an auction in Canada.
Putin says Russia attacked Ukraine with a new missile that he claims the West can't stop
Russian President Vladimir Putin announced Thursday that Moscow has tested a new intermediate-range missile in a strike on Ukraine, and he warned that it could use the weapon against countries that have allowed Kyiv to use their missiles to strike Russia.
Here's a list of items that will be GST/HST-free over the holidays
Canadians won't have to pay GST on a selection of items this holiday season, the prime minister vowed on Thursday.
Video shows octopus 'hanging on for dear life' during bomb cyclone off B.C. coast
Humans weren’t the only ones who struggled through the bomb cyclone that formed off the B.C. coast this week, bringing intense winds and choppy seas.
Taylor Swift's motorcade spotted along Toronto's Gardiner Expressway
Taylor Swift is officially back in Toronto for round two. The popstar princess's motorcade was seen driving along the Gardiner Expressway on Thursday afternoon, making its way to the downtown core ahead of night four of ‘The Eras Tour’ at the Rogers Centre.
Service Canada holding back 85K passports amid Canada Post mail strike
Approximately 85,000 new passports are being held back by Service Canada, which stopped mailing them out a week before the nationwide Canada Post strike.