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
New Norad commander calls Canada's defence policy update 'very encouraging'
American troops will be spending more time training in the Far North, the new commander of Norad says, a strategy that fits 'hand-in-glove' with Canada's renewed focus on Arctic defence.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
$70M Lotto Max winners kept prize a secret from family for 2 months
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
Documents reveal Ottawa's efforts to get Loblaw, Walmart on board with grocery code
It was evident to the federal government as early as last fall that Loblaw and Walmart might be holdouts to the grocery code of conduct, jeopardizing the project's success.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Improve balance and build core strength with this exercise
When it comes to cardiovascular fitness, you may tend to focus on activities that move you forward, such as walking, running and cycling.
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.