The Southern Georgian Bay Ontario Provincial Police Detachment is warning the public about cryptocurrency scams after multiple reports.
Police say numerous cases of this nature are under investigation in the area.
The Canadian Anti-Fraud Centre says 2021 was a historic year for reported frauds, with reported losses totalling $380 million, a dramatic increase from $164 million of losses in 2020.
The anti-fraud agency says with three months left in the year, the current 2022 reported losses are $362 million.
Police are reminding residents to be cautious and do their research when sending cryptocurrency, as it is very unlikely they will be able to retrieve the money once the transaction is finished.
They also record that people receiving suspicious messages from friends reach out to them through different means of communication to confirm it is them before sending any money.
Police also recommend that people ensure that any investment company is registered with the Provincial Securities Agency or the National Registration Search Tool.
Police are warning people to be cautious of those on dating apps and social media who try to persuade them to invest in cryptocurrency or ask them to open new crypto accounts.
Ontario residents represented $142 million of the over $380 million in losses reported to the anti-fraud centre in 2021, and investment scams were the highest reported scams based on dollar loss.
Investment frauds represented $163 million in reported losses in 2021, over $33 million in 2020, while reported cryptocurrency payments to fraudsters have jumped to $87 million in 2022.
Officials estimate only five per cent of victims report their fraud to law enforcement or the anti-fraud centre.
People who fall victim to fraud or know someone who has are asked to contact their local police service to report the crime and report it to the Canadian Anti-Fraud Centre.
A complete list of recommendations to protect residents from scams is available on the anti-fraud centre’s website.