Niagara police report over $1.3M lost in 2024 cryptocurrency frauds

Niagara police are trying to stop fraud involving funds transferred through cryptocurrency ATMs in the Niagara region.

According to a report by the police service, there were 60 reported incidents last year in the Niagara Region where victims had transferred money using cryptocurrency ATMs in various types of fraud.

Investigators say over $1.3 million was transferred using these ATMs.

They are posting new warnings on the machines letting people know about the potential risks of using them.

Most of the cryptocurrency ATMs are in variety stores and malls.

These machines serve legitimate purposes for people to purchase or transfer cryptocurrency.

Police say fraudsters have been using these machines to collect payments for fake government debts, utility bills or other schemes like fake romance, employment, or phishing ploys on vulnerable victims.

Officers warn that cryptocurrency transfers cannot be reversed.

Anyone with information is asked to contact police.

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