Fergus resident loses $60,000 in cryptocurrency scam: police
FERGUS – Police are once again warning residents to watch out for scams after a Fergus resident was bilked of tens of thousands of dollars.
Wellington County OPP officials say police received a report on Oct. 5 from “a Fergus resident who lost over $60,000 to a cryptocurrency investment fraud.”
“While this investigation remains ongoing, Wellington County OPP would like to offer some information to assist in safeguarding residents from these types of events,” police stated in an Oct. 7 press release.
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 to 10 percent of frauds are reported to the CAFC or police,” the OPP stated.
“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,” police say.
The OPP is offering the following warning signs to help residents spot scams:
- investment opportunities with higher-than-normal returns;
- unsolicited telephone, email or social media investment offers;
- a false sense of urgency so you don’t miss out;
- an individual met on a dating or social media website who quickly attempts to convince you to invest into cryptocurrency;
- a “friend” tells you about a cryptocurrency investment opportunity via social media or email;
- telephone calls from crypto investment companies;
- fraudulent ads posted on the internet or social media; and
- request to transfer your crypto investment to an alternate crypto address.
Police say anyone who knows about a fraud should contact the local police service and also report it to the Canadian Anti-Fraud Centre at 1-888-495-8501 or online – even if a financial loss did not occur.
For more information read The Little Black Book of Scams, which can be found online at competitionbureau.gc.ca/eic/site/cb-bc.nsf/eng/03074.html.