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Ottawa police are warning residents to be careful as “crypto-currency investment” scams are on the rise.
The funds are laundered through crypto-currency exchanges with no governing body, “so it’s next to impossible to get the money back.”
Ottawa police are warning residents to be careful as “crypto-currency investment” scams are on the rise.
According to police fraud squad detectives, scammers advertise investment broker services on a variety of social media platforms.
Victims reaching out for more information are contacted via regular phone calls, text messages and emails from the scammers.
“This leads people to trust the investment broker and, as directed, victims open an account at an online crypto-currency exchange service and make a purchase,” police said in the release.
The purchase of the crypto-currency is legitimate, but “when you turn your funds over to a third party who is a fraudster, they move your money, all the while leading you to believe they’re earning you a large profit.
“But that’s not the case,” said Sgt. Chantal Arsenault of the police organized fraud section.
Victims are provided access to a fraudulent online investment account where they can log in with a username and password to monitor their portfolio.
“In most cases, victims don’t realize that the investment is fraudulent until they try to withdraw some of their money. Sometimes this is several weeks or months after the investment is made,” Arsenault said.
Scammers use delaying tactics postpone fund withdrawals, telling the victim there is a large penalty fee in the thousands of dollars to access their investment.
“After they pay the penalty, they find all their money is gone,” Arsenault said.
The funds are laundered through crypto-currency exchanges with no governing body, “so it’s next to impossible to get the money back.”
Fraud detectives provide a few warning signs:
Mostly, police suggest not to answer an ad on social media.
“Would you hand your money over to someone on the street if they told you they can get you a big return on your investment?”
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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