Guelph man falls victim a second time to cryptocurrency scam

A Guelph man who earlier lost more than $750,000 in a cryptocurrency fraud has lost another $12,000.

On Friday, the man in his 60s reported the new fraud. He advised he was recently contacted by someone who claimed he could help the victim recoup some of the losses from the earlier fraud. The victim created an account at an online financial institution and downloaded an app, givingthe scammer access to his cellphone.

During a series of transactions over two weeks, almost $12,000 was transferred out of the victim’s account. Residents are strongly encouraged to protect themselves, as these types of crime are complicated to investigate, and the chances of recouping losses are low.

Warning Signs – How to protect yourself:

Be careful when sending cryptocurrency; once the transaction is completed, it will unlikely be reversed.
Be wary of individuals met on social media who attempt to educate and convince you to invest in cryptocurrency.
Canadians need to research to ensure they are using reputable and compliant services.
Some fraudsters will use the names of legitimate companies to lend credibility to the fraud and convince victims to send money. Verify email addresses, URLs, phone numbers, and their physical address. Verify if the investment companies are registered with your Provincial Securities Regulator or the National Registration Search Tool (www.aretheyregistered.ca).
If you receive a suspicious or odd investment-related message from a trusted friend or relative, contact them through a different means of communication to confirm that it is them. Scammers can use hacked accounts to gain victims’ trust.
Beware of fraudsters asking you to open and fund new crypto accounts, as they will direct you to send it to wallets they control – Don’t do it!
Question why someone is contacting you about an investment offer: Is this a conversation I would usually have with an unknown person? Does it make sense to invest in an opportunity based on my communication? Should I feel pressure or urgency when deciding to invest?