Beware variety of cryptocurrency scams: OPP – Barrie News – BarrieToday
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ONTARIO PROVINCIAL POLICE
Police Week 2022, which runs from Nov. 6 to 12, focuses on how we make our communities safer, stronger, together. Policing requires community partnerships to achieve these goals.
Today, officers from the Southern Georgian Bay OPP detachment focus on being stronger, together through education to help prevent community members from becoming victims of frauds and scams.
Officers are dispatched by the OPP Communication Centre to an ever-growing number of fraud- and scam-related calls for service in our community here in north Simcoe. In fact in 2022, officers have responded to over 293 fraud- and scam-related reports with 29 of those reports being cryptocurrency based resulting in financial losses for area residents of over $1.2 million.
Detachment uniform officers along with OPP Crime Unit members do work together with members of the OPP Anti-Rackets Branch and Serious Fraud Office Ontario, in concert with the Canadian Anti-Fraud Centre (CAFC) to help victims properly report, record and help officers solve these faceless crimes that inflict financial pain on their victims.
Our community partner that works with police on these types of crimes is the CAFC, which provides endless tips and educational newsletters and articles for community members so they may become aware and protected against numerous types of frauds and scams so they may be financially stronger.
The CAFC’s primary goals include the following:
Investment scams were the highest reported scams based on dollar loss in 2021. Victims of investment scams reported a total loss of $163.9 million to CAFC. In most of these cases, the investment opportunities offer higher-than-normal, or true monetary, returns, which often result in investors losing most, or all, of their money. The majority of the investment scam reports involve Canadians investing in cryptocurrency after seeing a deceptive advertisement. It typically involves victims downloading a trading platform and transferring cryptocurrency into their trading account. In most cases, victims are not able to withdraw their funds. It is very likely that many of the trading platforms are fraudulent or controlled by fraudsters. In addition to crypto trading scams, the CAFC also receives reports on suspected fraudulent initial coin offerings.
A good read over the following relevant links — Scams by A-Z index (antifraudcentre-centreantifraude.ca), Cryptocurrency-Canada Revenue Agency, Competition Bureau Canada — is strongly suggested to make you aware of current trends.
Anyone who suspects they have been the victim of cybercrime or fraud should report it to their local police and to the Canadian Anti-Fraud Centre’s online reporting system or by phone at 1-888-495-8501. If not a victim, report it to the CAFC anyway.
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