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
Pedestrian, baby injured after stroller struck and dragged by vehicle in Squamish, B.C.
Police say a baby and a pedestrian suffered non-life-threatening injuries after a vehicle struck a baby stroller and dragged it for two blocks before stopping in Squamish, B.C.
Senate expenses climbed to $7.2 million in 2023, up nearly 30%
Senators in Canada claimed $7.2 million in expenses in 2023, a nearly 30 per cent increase over the previous year.
Demonstrators kicked out of Ontario legislature for disruption after failed keffiyeh vote
A group of demonstrators were kicked out of the legislature after a second NDP motion calling for unanimous consent to reverse a ban on the keffiyeh failed to pass.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
RCMP uncovers alleged plot by 2 Montreal men to illegally sell drones, equipment to Libya
The RCMP says it has uncovered a plot by two men in Montreal to sell Chinese drones and military equipment to Libya illegally.
Government agrees to US$138.7M settlement over FBI's botching of Larry Nassar assault allegations
The U.S. Justice Department announced a US$138.7 million settlement Tuesday with more than 100 people who accused the FBI of grossly mishandling allegations of sexual assault against Larry Nassar in 2015 and 2016, a critical time gap that allowed the sports doctor to continue to prey on victims before his arrest.
Man wanted in connection with deadly shooting in Toronto tops list of most wanted fugitives in Canada
A 35-year-old man wanted in connection with the murder of Toronto resident 29-year-old Sharmar Powell-Flowers nine months ago has topped the list of the BOLO program’s 25 most wanted fugitives across Canada, police announced Tuesday.
Doctors ask Liberal government to reconsider capital gains tax change
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
Pro-Palestinian protests roiling U.S. colleges escalate with arrests, new encampments and closures
The student protests of Israel's war with Hamas that have been creating friction at U.S. universities escalated Tuesday as new encampments sprouted and some colleges encouraged students to stay home and learn online, after dozens of arrests across the country.