A person living in Hagersville, Ont., police say, has been defrauded of $400,000 from investing in an online cryptocurrency scam, which had been going on since Sept. 2021.
The Haldimand Crime Unit has taken over the investigation of the suspected fraud due to the large sum of money lost.
Since the beginning of 2021, more than 46,000 people have reported losing over $1 billion in cryptocurrency to scams, according to a recent report from the Federal Trade Commission (FTC) in the U.S.
The report also states that losses from cryptocurrency scams in 2021 were almost 60 times more than what they were in 2018.
Certain features of cryptocurrency may explain why it is a preferred payment method for fraudulent transactions, the FTC notes, including the fact that cryptocurrency transfers cannot be reversed and there is no bank to flag suspicious transactions.
The Ontario Provincial Police Haldimand County Detachment reminds people to protect themselves from scams and frauds by staying educated on fraud prevention.
Being aware of the warning signs of fraud and never giving out personal information to strangers is an important factor in avoiding this, the OPP reminds the public in a media release.
In February of this year, Brantford Police said that scams involving cryptocurrency have been on the rise in recent years in the community – with as many as five reported weekly to police.
Many of the cases investigated by Brantford Police involve scammers making contact with victims…
