The Ontario Provincial Police (OPP) warns residents to be keen on cryptocurrency investment scams. Crypto romance frauds blend romance and investment frauds to steal money from victims.Â
Last year, Ontario residents lost over $21 million to romance frauds specifically. Investment fraud losses in the province totaled over $111 million. Now, fraudsters are combining the two techniques. The scammers develop online romantic relationships to gain trust. They then claim to be successful crypto investors and also offer to help the victims invest. They convince victims to transfer funds or cryptocurrencies using fake apps and platforms.
Although victims may even withdraw small amounts as proof, they eventually lose full access to their funds. Police state that victims discover the fraud once they try withdrawing large sums.To protect yourself, avoid befriending strangers online or sending them money. Never provide personal information either. Be cautious when sending cryptocurrencies, as transactions are rarely reversible. Consider verifying investment companies, too.
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