Waterloo, Ontario becomes the first Canadian city to issue blanket warning after 78 residents were misled by cryptocurrency scammers in 2020.
According to Global News Waterloo residents have lost over $ 430,000 so far this yearIn July alone, 29 of the 78 victims fell.
As previously reported, the scammers pretended to be government officials Requesting victims to deposit money at various Bitcoin (BTC) ATMs under threat of legal consequences.
The scammers told a resident that more than 25 bank accounts had been opened in his name and then used to launder money. He was ordered to deposit more than CAD 10,000 at various BTC ATMs in order to resolve a false legal warning related to the alleged allegations.
The increasing number of cases encouraged the Waterloo Regional Police Service to launch a “Fraud Awareness” campaign to prevent people from falling victim to these scams.
The Canadian Anti-Fraud Center also released numbers related to Bitcoin-related phone scams, which appear to confirm the authorities’ findings. In the first seven months of 2020, the center received 23,655 reports from scammers calling victims to request Bitcoin payments.
Jeff Thomson, a senior intelligence analyst for the Royal Canadian Mounted Police, told Global News:
“We saw a decrease in those calls in April and May, but when things came back online we saw a huge increase in fraudulent calls.”
However, he made it clear that not all individuals reporting such fraudulent calls had lost money. The authorities have prevented some from contacting the scammers, despite no information on prevention.
Thomson also said the Canadian Radio, Television and Telecommunications Commission is working to track calls from scammers.