With cryptocurrency becoming more widely accepted by businesses, the Ontario Provincial Police have some tips on how to protect yourself from fraud when it comes to sending money through cryptocurrency.
Following is a full release on how to avoid being scammed:
Members from the Sault Ste. Marie Detachment of the Ontario Provincial Police (OPP) would like to remind everyone that you have to do your homework prior to giving any personal information, money or sending prepaid iTunes cards to anyone. Every year thousands of Canadians are victimized and millions of dollars are lost through many forms of fraud.
Cryptocurrency scam
This scam involves sending money through a cryptocurrency, such as Bitcoin. Cryptocurrencies are not regulated in Canada and operate independently from banks.
While a substantial number of businesses are accepting the wide range of cryptocurrencies available, there is no protection from fraud when using them as a form of payment.
How to protect yourself:
- Beware of requests demanding a transfer of funds using Bitcoin or any other cryptocurrency
- Be wary of offers to invest in cryptocurrency
- Keep in mind that government agencies will never request a payment in the form of cryptocurrencies
- Do not send any funds or deposit into a bitcoin wallet via bitcoin automated teller machine (ATM)
If you suspect you may be the victim of fraud or have been tricked into giving personal or financial information, contact your local OPP detachment at 1-888-310-1122, the Canadian Anti-Fraud Centre at 1-888-495-8501 or visit their website.