Bitcoin Transactions – Niagara Regional Police Service
The NRPS Central Fraud Unit has seen an alarming increase in the number of Bitcoin scams in the Niagara region.
It is important to educate yourself about the concept of cryptocurrency, and the risks associated with its use. Bitcoin transactions cannot be reversed or cancelled, so please take the time to read the information below and avoid becoming a victim.
| Government fraud |
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This involves impersonating a government agency such as Service Ontario or the RCMP. Victims are led to believe that if they do not provide a requested amount of money through the use of a Bitcoin ATM, they will be arrested. In other cases, the victim is led to believe that their bank accounts have been compromised and must send their money to a specific destination to avoid a financial loss. |
| Utility fraud |
| This involves impersonating a utility company that claims that if the victim does not pay a requested sum of money immediately, their utilities will be shut off. The victim receives a QR code and is sent to a Bitcoin ATM to make the requested payment. |
| Pyramid game |
| Victims are promised a guaranteed return on their financial investment. Typically, the scammer will use a website that the victim can log into and “track their investment” as they continue to give more of their money. |
| Fake goods/fraud with online sales |
| Scammers will give a false story as to why they are selling high value items at a low price. Typically, fraudsters will use emotional responses to trick victims into believing stories such as the death of a family member. When the victim asks, the scammer provides a QR code that the victim can use at a Bitcoin ATM, and once the money is sent, the victim never receives the item. |
| Job and romance scams |
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This type of scam involves the victim being used as a “money mule”. Recruited under the promise of employment or an intimate relationship, they are asked by scammers to have money deposited into their personal accounts and then take the money and deposit it in a Bitcoin ATM. Once reported to the bank, the funds deposited are reversed and the victim becomes responsible for returning the funds to the bank. |
If you believe you have been the victim of a scam and have experienced financial loss, we encourage you to report it immediately:
Phone: (905) 688-4111 Option 1
If you have not experienced financial loss but would like to report a potential scam, please call:
Phone: 1-(888)-495-8501
