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.
Recently, there has been an increase in reports of Cryptocurrency phishing investment scams.
Means of contact
Description of fraud
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.
Email phishing attempts posing as one of your social media platforms
Blackmail and extortion
What to look for
Low risk investments with high returns
High pressure sales tactics
Investment offers from people and organizations you don't know
Anti-establishment rhetoric promoting subversion of government or financial institutions