Cornwall, ON – The Cornwall Police Service has seen an increase in cryptocurrency investment scams and is warning residents to beware.

There have been 119 occurrences of cryptocurrency (bitcoin) fraud locally since Jan. 1, 2020 – with approximately $1 million in frauds per year.

“Cryptocurrency frauds are an evolving criminal trend across the province and country,” said D/Sgt. Mark Anderson. “Once you send crypto, it’s virtually gone and extremely challenging to recover as most of the funds end up in different jurisdictions around the world.”

Crypto fraud schemes often involve individuals encountering online ads promoting investments. After they invest, the fraudster directs them to a website showing their profits and encouraging them to invest even more. Eventually, victims realize that the profits were fabricated, and they’ve lost both their crypto and their money.

AVOID BEING SCAMMED

If you’re considering investing in crypto, it’s safest to use a provincially regulated company. Be cautious of red flags like unsolicited calls or messages, and endorsements on Facebook and other social media platforms. When uncertain, always verify the company through multiple sources, such as a trusted local investment advisor.

One of the most crucial tools an investor can use to safeguard against losses or fraud is education. A great starting point is understanding crypto protocols, which involves learning the rules governing how digital currencies function and are exchanged.

“Please remember, if it looks like it’s too good to be true, trust your gut; IT IS probably too good to be true,” said D/Sgt. Anderson.

For additional information on recent scams and fraud, please visit the Canadian Anti-Fraud Centre website.

CPS MISSION: In partnership with diverse communities, we are committed to the pursuit of excellence and keeping our city safe.

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Media Contact:
Rodney Wilson
Cornwall Police Service
Wilson.r@cornwallpolice.com