The RCMP in Maidstone, Saskatchewan has issued a warning about the high number of fraudulent cryptocurrency scams reported to them in 2022. Losses from these scams exceed $570,000.
Swift Current reports $361,000 in losses, while Maidstone reports 37 calls and losses of over $570,000.
The Cryptography Coordinator Const. Tyson Maxwell states that many of these perpetrators hide behind IP addresses that can be difficult to trace or may be located in foreign countries.
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“Many cryptocurrencies are available today from many companies,” said Maxwell in an RCMP statement. “While some companies may be legitimate, others might not have the best online security or be fraudulent. It’s important to ensure that you are dealing with a legitimate entity before making any payments.”
RCMP officers report that scammers often pretend to work for a government agency and demand payment. They also offer bogus investment opportunities and warrants.
The Royal Canadian Mounted Police (RCMP) in Maidstone, Saskatchewan, has issued a warning about the increasing number of cryptocurrency scams in the province. In 2022, more than $570,000 has been lost to these fraudulent activities.
Constable Maxwell of the RCMP said that “these scams often involve a promise of high returns on investments, which are too good to be true.” He added that scammers have been convincing their victims to send cryptocurrency, as well as creating fake learning programs where they ask for money to teach people how to make a profit with cryptocurrency.
The RCMP provided red flags to help people identify crypto-scams, such as opportunities to achieve higher than average returns, unsolicited emails or social media messages offering investments, a need to act quickly or else miss out, and messages from trusted sources like banks or family members. They also warned to be wary of cryptocurrency investments not registered with the national or provincial securities regulators, and contact pages with an unauthorized address.
Constable Maxwell concluded by saying, “We urge everyone to be vigilant and to thoroughly research any investment before sending money. If it sounds too good to be true, it probably is.”
