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Cryptocurrency fraud is a scheme where fraudsters create fake investment platforms that promise high returns. These platforms are publicized through social media. Sometimes false representatives even solicit victims directly.
“For a while, victims believe their investment is generating big returns. They realize they have been scammed only when they are asked to pay more money to withdraw their fake winnings and find that they can no longer withdraw their assets from the platform.” (1)
Cryptocurrency fraud is part of the broader category of investment fraud, which is the type of fraud that has resulted in the largest financial losses to Canadians in 2021 (2). Last year, the Canadian Anti-Fraud Centre (CAFC) recorded 3,442 complaints of investment fraud in Canada, totaling losses of $163.9 million.
According to the CAFC, fraudulent investments in Quebec have cost more than $3.4 million to people over the age of 60.
In reality, the numbers are probably much higher, as it is estimated that less than 5% of fraud victims report their experience to the police (3).
Here are some tips for preventing cryptocurrency fraud.
If you believe you’re the victim of cryptocurrency fraud, report it by contacting:
A reminder that FADOQ’s Senior-Aware program offers information sessions to encourage discussion and provoke reflection through the presentation of videos on key concepts related to elder fraud.
For more about the Senior Aware program, consult the program’s website.
Sources
(1) La fraude en 3D
(3) How to report fraud and scams in Canada