The number of Northwestern Ontario residents being duped by so-called cryptocurrency scams spiked last year, provincial police warn.
There were 129 reported occurrences in 2021 compared to 95 the previous year, police said Thursday. In some cases, victims were bilked out of more than $50,000.
“Cryptocurrency scams typically begin with the promise of high rates of (investment) return,” an OPP news release said.
The release added: “Cryptocurrencies are not monitored and protected in the way that some other investments from major banks and reputable financial institutions may be.”
“This offers no protection for individuals who invest their money in cryptocurrencies.”
Police said the number of victims is likely higher “as only five per cent of (financial) frauds are ever reported.”