The Thunder Bay Police Service is issuing a warning about recent fraud cases involving online investment scams.
In one recent case, a local victim was defrauded of more than $500,000 CAD when they followed investment advice from a Facebook friend. The financial advice led the victim to utilize investment platforms that were not registered, and later found to be fraudulent.
In another recent case, the Thunder Bay Police Service was made aware of a local person who was investing in Bitcoin with a company claiming to be based in the United Kingdom. After investing since the spring, the victim requested a withdrawal of funds, at which point the company demanded a payment of $10,000 to transfer their investments into cash.
The company was not a registered trader.
Online traders can be a convenient way to manage your finances, however, you should check to ensure the platform you are about to use is legitimate and registered. To learn more, visit the Canadian Securities Administrators online at: www.securities-administrators.ca/registration/are-they-registered.
Scammers are often based in countries outside of Canada and as a result can be very difficult to identify. Investigations into these kinds of frauds may require assistance from outside police services and are often very complex.
Also, please be aware that no reputable organization or institution will demand payments in the form of crypto currency like Bitcoin. If you are asked to make a payment via a Bitcoin ATM, please call police at 684-1200 for advice.
For further information about various frauds and scams that may be circulating, please visit the Canadian Anti Fraud Centre online at: www.antifraudcentre-centreantifraude.ca.