Canada Warns Its Citizens About The Growing Number In Bitcoin Scams

Canada is yet again in our crypto news but this time for the action of the Canadian police to warn the public about the emerging bitcoin scams and to be extremely cautious before investing in cryptocurrency.

This year will be known because of the many scams and controversies with some famous and popular people such as DJ Khaled and Floyd Mayweather getting caught up in crypto affairs.

Because of this, the police in Edmonton, Alberta warned the people living in the area of the huge rise in bitcoin scams and that the hackers are getting more sophisticated and creative in finding ways to get to investors’ money. The police explained that the hackers are using unique methods that were never before used and this is why investors must protect themselves as much as they can.

Also, the police mentioned that the cases of identity theft and fraud had risen incredibly since 2013 by almost 90%. Before there were only cash and gift cards that were the main avenues of online hackers but with the growing trend of cryptocurrencies, this is now the most common choice for hackers.

Constable Tuyen Nguyen of the EPS noted:

‘’What has evolved is the method of payment demanded by fraudsters. While gift cards were once the preferred payment of choice, fraudsters are now increasingly demanding payment in other forms such as bitcoin and e-transfers’’.

One of the main ways to attack the crypto users is to act as tax collectors and make your victims convert their cash into bitcoin or other cryptocurrencies at an ATM machine. Once this has been done, it is very difficult for authorities to track down the fraudsters.

The EPS says that this is one of the hardest frauds to investigate once the many have been transferred.