Police say a Bradford man was bilked out of an undisclosed amount of money after investing in an online trading company
SOUTH SIMCOE POLICE SERVICE
The South Simcoe Police Service is warning residents to beware of cryptocurrency investment scams after a Bradford man lost a sum of money.
The man invested with an online cryptocurrency trading company. Once he created an account, the company promised “bonus” funds if he deposited more cash.
When he checked his account the next day, it was empty.
The company claimed to help him recover his funds through successful investments but he wasn’t allowed to withdraw the supposed earnings until he made over $100,000 worth of trades. The scammers then suggested he hand over more cash in order to recoup his losses. The victim refused and now wants to warn others.
Investor scammers target victims who are hoping for fast returns on investments. When the victim tries to withdraw their money, they are unable to do so. Suspects then end all communication with the victim.
Here are some tips to prevent becoming a victim of fraud:
If a website promises abnormally high returns, this is a red flag and common indicator of a scam.
Do some research. Check for negative reviews about the company.
Beware of offers of free money either promised in cash or cryptocurrency.
Resist the pressure to act quickly and watch out for urgent pleas that play on your emotions….