Comox Valley residents have lost over $1 million to cryptocurrency frauds


www.thecoinrepublic.com

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  • Comox Valley RCMP says they’re investigating similar crimes with alleged losses of more than $1 million, just weeks after Saanich police claimed that bitcoin frauds cost local victims $1.4 million
  • Other victims who wanted to invest in cryptocurrencies saw ads for cryptocurrency brokers on Facebook, paid money to the brokers, and were given online reports that their investments were performing well
  • Such instances, according to Saanich police, may be difficult to detect because they sometimes include many levels of fraud and usually involve scammers operating overseas

Comox Valley RCMP says they’re investigating similar crimes with alleged losses of more than $1 million, just weeks after Saanich police claimed that bitcoin frauds cost local victims $1.4 million. The phrase cryptocurrency refers to digital currencies like bitcoin. Victims in two Comox Valley incidents were called and offered the chance to invest money in exchange for profits. Scammers gained access to the victims’ computers in order to open trading accounts on a specific platform, but the con artists also utilized the access to gather personal information. For a time, the victims received profits, but their accounts were also depleted.

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Other victims who wanted to invest in cryptocurrencies saw ads for cryptocurrency brokers on Facebook, paid money to the brokers, and were given online reports that their investments were performing well. Before breaking off the connection, the brokers persuaded the victims to invest additional money. After then, the victims were unable to access their funds. Once you take your money out of the bank and move it somewhere else, you are accountable for where it goes and who has access to it, said Const. Monika Terragni, who advised people to know where their money is going. Fancy websites, internet adverts, or surprise phone calls should not be used to entice you in. 

Such instances, according to Saanich police, may be difficult to detect because they sometimes include many levels of fraud and usually involve scammers operating overseas. Furthermore, the scammers’ strategies are always changing. The Comox Valley RCMP gave the following guidelines for avoiding this sort of fraud will be skeptical of adverts on the internet and social media, and be suspicious if you are contacted about an investment out of the blue.

Do your homework and keep in mind that con artists will frequently try to push you into making a choice. Check to see if the services you’re utilizing are authentic and never allow someone to establish accounts on your computer remotely. One should keep in mind that if anything appears to be too good to be true, it most often is.


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