GUELPH/ERAMOSA – A local resident has lost more than $35,000 in a cryptocurrency investment scam.
Wellington County OPP received a report on September 16th from a resident of Guelph-Eramosa Township, who reported losing the money to an investment fraud.
Police are now warning residents about cryptocurrency and other investment scams, which often promise unusually high financial returns.
According to the Canadian Anti-Fraud Centre (CAFC), in 2024, Ontario residents lost approximately $ 284 million in an assortment of frauds, with another $569 million being reported in 2023. Further, it is estimated that only between 5 and 10 percent of frauds are reported to the CAFC or police.
Police say “Scammers are using advanced methods to appear legitimate and trick people into trusting them.”
Investment scam reports received by the OPP and the CAFC include initial coin offerings, Ponzi schemes, franchise opportunities, futures trading, multi-level marketing opportunities, mortgage investment opportunities and pump and dump schemes. 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.
Warning Signs
Police say residents should be cautious of:
- Investment opportunities promising higher-than-normal returns.
- Unsolicited investment offers through telephone calls, emails or social media.
- Investment opportunities that create a false sense of urgency.
- Someone met through a dating or social media website who quickly encourages cryptocurrency investments.
- Friends or acquaintances sharing cryptocurrency investment opportunities online.
- Unexpected calls from cryptocurrency investment companies.
- Fraudulent investment advertisements online or through social media.
- Requests to transfer cryptocurrency to a different crypto address.
Police say scammers are using increasingly sophisticated methods to appear legitimate and gain people’s trust.
Anyone who believes they have been the victim of fraud is asked to contact their local police service and report the incident to the Canadian Anti-Fraud Centre.
The CAFC can be reached at 1-888-495-8501 or through its online Fraud Reporting System, even if no financial loss occurred.
