$100K lost in Peterborough area due to bitcoin scams in March

During March, more than $100,000 was lost as a result of bitcoin scams in Peterborough, Lakefield and Cavan-Monaghan.

Peterborough Police Service say officers continue to receive reports of frauds and scams involving bitcoin.

Police add in recent days, two incidents were reported, and both were scams involving cryptocurrency investments. 

“Between the two reports about $16,000 was lost,”state police. “In the month of March, which is Fraud Prevention Awareness Month, there was over $100,000 lost to bitcoin scams in Peterborough, Lakefield and Cavan-Monaghan.”

The Canadian Anti-Fraud Centre says cryptocurrency scams are becoming more common with fraudsters.  In 2022, Canadians lost a total of $125.8 million where cryptocurrency was used as the payment method. 

Facts about cryptocurrency:

    •    Once you send crypto currency, it is gone

    •    Government agencies do not accept cryptocurrencies

    •    Be wary of any person/company claiming to need more funds to “unlock” or access your existing account balance

    •    Fraudsters will sometimes pay back small amounts of money making you believe your investments are paying off

    •    All legitimate Canadian virtual currency dealers are required to register with the federal government (FINTRAC) and you can verify their registration by visiting the FINTRAC website. Be careful of exchanges that operate from countries outside of Canada.

You can report any frauds or scams to the Canadian Anti-Fraud Centre at 1-888-495-8501.  If you are a victim of fraud, please call the Peterborough Police Service at 705-876-1122 or report it online www.peterboroughpolice.com/online-reporting

Peterborough Police Service reminds people to approach unsolicited calls and urgent requests for money with extreme caution.  Residents are always encouraged to check the story and speak to others about what they’re being asked to do.

For more fraud prevention tips visit www.peterboroughpolice.com/fraud

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