With cryptocurrencies becoming more accepted by businesses, the Ontario Provincial Police have some tips on how to protect yourself from fraud when it comes to sending money via cryptocurrency.
The following is a full statement on how to avoid being scammed:
Members of Sault Ste. Ontario Provincial Police (OPP) Marie Detachment would like to remind everyone to do their homework before giving personal information, money or sending prepaid iTunes cards to anyone. Every year, thousands of Canadians are victims and millions of dollars are lost through many forms of fraud.
cryptocurrency scam
This scam consists of sending money through a cryptocurrency, such as Bitcoin. Cryptocurrencies are not regulated in Canada and operate independently of banks.
Although a considerable number of companies accept the wide range of cryptocurrencies available, there is no protection against fraud when used as a form of payment.
How to protect yourself:
- Beware of requests that require a transfer of funds using Bitcoin or any other cryptocurrency
- Beware of offers to invest in cryptocurrencies
- Please note that government agencies will never request a payment in the form of cryptocurrencies
- Do not send funds or deposit to a bitcoin wallet through a bitcoin ATM
If you suspect that you may be a victim of fraud or have been tricked into providing personal or financial information, contact your local OPP task force at 1-888-310-1122, the Canadian Anti-Fraud Center at 1-888-495-8501, or visit his website.
