- warning on investment scam
If you’re interested in helping out, see our Neighbourhood Watch Page.
Forwarded Message ——–Neighbourhood Watch Bulletin for March 23, 2022
Contact Cst. Darren Joseph directly (west of O-Train, Line 2) at firstname.lastname@example.org or 613-236-1222, ext. 5871.
Contact Cst. Stephanie Lemieux directly (east of O-Train, Line 2) at email@example.com or 613-236-1222, ext. 5290.
Beware of crypto-currency investment scam
The Organized Fraud Section has seen an increase in crypto-currency investment scams and is warning residents to beware.
“The purchase of the crypto-currency is legitimate,” says Sgt. Chantal Arsenault of the Ottawa Police Organized Fraud Section. “However, when you turn your funds over to a third party who is a fraudster, they move your money, all the while leading you to believe they’re earning you a large profit. But that’s not the case.”
Victims are provided access to a fraudulent online investment account where they can log in with a username and password to watch their portfolio increase in value. “This is how scammers entice their victims to keep investing more money,” says Sgt. Arsenault. “In most cases, victims don’t realize that the investment is fraudulent until they try to withdraw some of their money. “These funds are laundered using international crypto-currency money exchanges with no governing body, often out of reach for authorities, so it’s next to impossible to get the money back.”
Warning signs it’s most likely a scam:
- Brokers use WhatsApp texting app to contact you;
- The investor contacts you by using a variety of emails addresses and phone numbers;
- The text messages and reports contain grammar or spelling mistakes;
- An atypical formal salutation is used: for example, Mr. John instead of Mr. SMITH;
- The promise of large returns on your investment. If it sounds too be good to be true, it probably is.
“Don’t answer an ad on social media,” advises Sgt. Arsenault, “and always do your research. Would you hand your money over to someone on the street if they told you they can get you a big return on your investment?”
Check potential investment brokers through the Better Business Bureau and ask for references.
March is Fraud Prevention Month. Learn about common scams, what to look for and how to avoid them at ottawapolice.ca.