‘Crypto fraud strikes again’: Trail woman reports losing over 30,000 to crypto scammers

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Another crypto currency scam has been reported in Trail.

Crypto scammers never sleep, and although the reports of online fraud within the Trail area seemed to have died down for a while, another case has been reported.

Police said that a 61-year-old Trail woman informed police on the afternoon of July 18 that she had been defrauded out of thousands after falling victim to an online cryptocurrency scam.

After joining an unnamed cryptocurrency trading platform through a social media website, she began making incremental investments at the recommendation of her online advisor.

The victim said that they were promised fabulous returns on her initial investment. She later approved the advisor’s access to her bank account, and viewed that they had made various investments in crypto currencies.

However, she was encouraged to invest more and more by the advisor, paying a total of $10,000 in crypto tax on her investment earnings. After the tax was paid, the woman became suspicious that she was being defrauded as she was not able to access any of her alleged monetary gains.

The woman believed she invested and lost up to $37,000 to the scam. Despite taking steps to secure her account and stop any further bank withdrawals, the money is not recoverable.

Police are advising the public about the dangers of investing in cryptocurrency, emphasizing that it carries an extremely high risk of losing invested funds.

Mounties said that investors are recommended to use trusted institutions and accredited investment advisors with proven money management track records to better protect your money.

“This does not include the risk of being defrauded via fake advisors and cryptocurrency websites. Anyone can set up a fake website that appears legitimate but the sole purpose is to steal your money,” said Trail Sgt. Mike Wicentowich.

He continued to explain that no one can or should promise you large returns on your investments, nor should they be allowed access to your bank accounts.

To learn more about how to spot a scam visit the Canadian Anti-Fraud Centre website information on crypto currency frauds.