Perth East resident loses over $140K in cryptocurrency investment scam

Perth East resident loses over $140K in cryptocurrency investment scam

Perth East resident loses over $140K in cryptocurrency investment scam
Perth County OPP have issued a warning for area residents after a local resident was a victim of cryptocurrency investment fraud.
Police received a report just before 11:30 a.m. Tuesday from a Perth East resident who lost over $140,000.
The investigation is ongoing, but police also have some information to help people avoid this type of fraud, OPP said in a media release.
In 2022, Ontario residents lost more than $136,000 in investment related frauds and just over $20,000 in romance-related frauds.
Between five and 10 per cent of frauds are reported to the Canadian Anti-Fraud Centre (CAFC) or police.
Advance methods are being used by scammers to appear legit and trick people into trusting them.
Investment scam reports received by the OPP and the CAFC include initial coin offerings, Ponzi schemes, franchise opportunities, futures trading, multi-level marketing opportunities, mortgage investment opportunities and pump and dump schemes.
More recently, investment opportunities offer higher than normal, or true monetary, returns resulting in investors losing most, or all, of their money.
Most investment scam reports involve Ontario residents deciding to invest in cryptocurrency after seeing a deceptive ad on social media and it typically involves victims downloading a trading platform and transferring cryptocurrency into their trading account. Victims are not able to withdraw their funds in most cases and it is likely many of the trading platforms are…

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