A Guelph woman recently reported a cryptocurrency scam to police after being told she needed to contribute more money in order to “free up” a previous investment of nearly $10,000.
Earlier this month, the woman received a text from someone claiming to represent an investment company. She then received a message on WhatsApp which included a link to the company’s website.
After doing some initial research on the site, the woman made some “small investments” which appeared to yield returns, so she deposited $2,500 into an online cryptocurrency account and then later that day she deposited another $7,000.
When she attempted to withdraw her funds, a representative reportedly told her she needed to deposit another $25,000 in order to “free up” those funds. In speaking with police, the woman described the company’s tactics as manipulative, noting it attempted to coerce her into making decisions quickly, without time to think.
“Residents are encouraged to be wary of any telephone call, email or text which requires you to take immediate action, especially when dealing online with someone you don’t know,” a police news release states. “It is always best to independently contact the supposed sender and confirm the legitimacy of any correspondence before taking action.”
Anyone who suspects they have been the victim of cybercrime or fraud should report it to their local police and to the Canadian Anti-Fraud Centre’s online reporting system or by phone at 1-888-495-8501. Even if no financial loss has been sustained, interactions can still be reported to the CAFC.
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