More than 90 per cent of the incidents referenced bitcoin, according to EPS
Edmonton police say local investors have lost more than $5.6 million to cryptocurrency scams between fall of 2019 and the end of last year.
EPS says it investigated 112 cryptocurrency fraud reports over that time. Complaints lost $50,000 on average or less to the scam, but the highest loss exceeded $1 million, police say.
Sign up to receive daily headline news from the Edmonton Journal, a division of Postmedia Network Inc.
A welcome email is on its way. If you don’t see it, please check your junk folder.
The next issue of Edmonton Journal Headline News will soon be in your inbox.
We encountered an issue signing you up. Please try again
“Sadly, we encountered several complainants who lost their life savings to this scam,” says Det. Dana Gehring with the EPS Cyber Crime Investigations Unit.
“Unfortunately, once funds are invested or sent to another party using cryptocurrency, there is little we can do to retrieve them. While we always aim to apprehend those responsible, our best tool with this type of fraud is to educate on prevention.”
More than 90 per cent of the incidents referenced bitcoin, according to EPS.
More recent numbers for 2022 are not yet available.
Police say in most incidents, investors were convinced to invest in cryptocurrency via what often appeared to be legitimate websites or apps but that are actually controlled by scammers.
Scammers befriend complainants via social media, phone calls, online advertisements and online dating platforms before encouraging them to make a small investment, police say.
Police warn that at that point, scammers would often manipulate the data on their website or app to give the appearance of growth and encouraging victims to give them more money.
Eventually, the websites or apps disappear, leaving those victims without any means of recovering their money.
EPS says it recommends anyone considering investing in cryptocurrency to confirm the website or app is legitimate, be wary of anyone unknown approaching with investment opportunities, and to verify the investor or investment company registered with FINTRAC or the Canadian Securities Administrator.
Edmonton police are searching for Louis Dumais, a man wanted for sexual assault and forcible confinement.
Police are investigating a fatal collision involving “several vehicles” near 50 Street and 34 Avenue in southeast Edmonton
“There was an ability to end a confrontation and control the situation because the subject’s attention was turned away for a moment, which gave that member the ability to take that opportunity. We do train our members that if there is an opportunity because the public’s risk is held in higher regard than our own, then we will take that step.”
An Edmonton man is facing several gun and drug-related charges after a traffic stop last week.
Parkland RCMP continue to search for an Alberta man missing since 2003.
Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.
365 Bloor Street East, Toronto, Ontario, M4W 3L4
© 2022 Edmonton Journal, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.
This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Service and Privacy Policy.
