Protect your wallet from Cryptocurrency Scams

While the use of cryptocurrency is legitimate and growing, the lack of public understanding makes it a prime area for scammers to target victims.

Cryptocurrency is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrencies don't have a central issuing or regulating authority, which makes transactions more difficult to trace and funds more difficult to recover.

As when dealing with any Investment Scam, it’s important to slow down and do your own research – especially when cryptocurrency is involved.  Don’t let anyone pressure you into making a quick decision!

Report

If you do become the victim of a cryptocurrency scam it’s important to report to your financial institution and local law enforcement agency right away.  To aid the investigation, a list of items you will be asked to collect can be found in the Lethbridge Police Service’s Guide for Victims of Cryptocurrency Scams. 

Beware Recovery Scams 

If someone claims they can recover your lost cryptocurrency—it’s likely another scam! Fraudsters often target victims multiple times with fake promises of getting their money back. Never send recovery money!

More resources:

• Canadian Anti-Fraud Centre
• Competition Bureau of Canada - Investment Scams website
• Lethbridge Police - Frauds and Scams website