November 8, 2017 10:06 am
Updated: November 8, 2017 3:54 pm

Bitcoin tax scam defrauded more than 40 in York Region: police

If you've invested in Bitcoin, chances are you've got a bit of spring in your step. The digital currency is on a roll. One Bitcoin is now worth more than 4,400 Canadian dollars, nearly three times the value of an ounce of gold. Back in 2014, Bitcoin was worth a quarter of what it is today. As as Robin Gill reports, that success has started a currency revolution.

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AURORA, Ont. – Police say more than 40 residents in communities north of Toronto have fallen victim to a Bitcoin tax scam, sending over $300,000 to fraudsters since August.

York regional police say they have seen a significant increase in reports of scammers identifying themselves as Canada Revenue Agency employees.

The suspects tell victims they have overdue taxes to pay, and threaten them with arrest if they don’t settle up.

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READ MORE: Bitcoin jumps above $1,000 for first time in three years

In recent months, the scammers have persuaded victims to send them money using the virtual currency Bitcoin.

Officers say Bitcoin transactions are unregulated and untraceable, making it difficult to investigate the frauds.

Police in York Region have advised the public that any calls or emails asking for Bitcoin tax payments should be treated as a scam.

READ MORE: Russian hacker accused of $4B bitcoin fraud to be extradited to U.S.

The Canadian Anti-Fraud Centre said it has received more than 2,000 complaints in 2017 from people across the country who have been defrauded by someone pretending to work for the CRA.

Of those victims, over 100 reported using a digital currency like Bitcoin to pay the scammers.

VIDEO: Should you invest in bitcoin?

© 2017 The Canadian Press

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