RCMP in Halifax are warning residents about a cryptocurrency investment scam that has resulted in significant financial loss.
On June 13, officers responded to a report of fraud involving a local man who was contacted via email and later through a social media app. The individual was persuaded to invest in what appeared to be a legitimate cryptocurrency platform. Over time, the victim transferred more than $150,000 before realizing it was a scam.
Cryptocurrency scams are becoming increasingly sophisticated, often mimicking real investment platforms and using convincing tactics to lure victims. These scams typically promise high returns with minimal risk, a hallmark of fraudulent schemes.
RCMP are reminding the public to take the following precautions:
- Be cautious: Avoid offers that promise high rewards with little or no risk. If it sounds too good to be true, it likely is.
- Do your research: Verify the legitimacy of any investment opportunity. In Nova Scotia, anyone offering investment advice or trading securities must be registered with the Nova Scotia Securities Commission (NSSC). You can check registration status through the NSSC or other Canadian securities regulators.
- Get advice: Cryptocurrencies are currently unregulated in Canada and are not insured by the Canada Deposit Insurance Corporation. When in doubt, consult a reputable financial institution or advisor.
If you or someone you know has been targeted by an investment scam, report it to your local police and the Canadian Anti-Fraud Centre.
