Cryptocurrency

Cryptocurrencies are unregulated in Canada and operate independently of any financial institution or regulations. This means there is no avenue for recovery nor financial protection when investing with cryptocurrencies. For financial fraudsters, cryptocurrency brings a new twist to an old con.

Means of contact

• Email
• Internet
• Phone

Description of scam
Scammers send phishing notification emails advising you to log in to your Instagram account with a link to a fake Instagram login page. The victim logs in, allowing the scammer to steal their account credentials. Once the account is in their control, they blackmail the victim to record a video of them promoting a fake cryptocurrency platform. The video is then posted to the victim's social media accounts with a link for followers to invest on a fake cryptocurrency platform. 

Tactics used

• Requests for personal information
• Account numbers
• Impossibly high rates of return in a short time frame

What to look for

• Special knowledge or "insider" information
• Unregistered or unlicensed salespeople 
• High pressure tactics
• Overly complicated investment structure