Resident lost $14K to cryptocurrency fraud, Sault police issue fraud warning

The Sault Police Service is issuing a public alert after a resident recently lost about $14,000 in cryptocurrency fraud.

In a news release Monday, police said there has been an increase in related fraud complaints in recent weeks.

"A victim was contacted and directed to use a bitcoin ATM to deposit money into the fraudsters account," police said.

"On this occasion, the victim was told they were speaking to a fraud adviser at a financial institution and to deposit money into a cryptocurrency account."

It's the ninth cryptocurrency/bitcoin related fraud complaints Sault police have received since August 2021.

"We urge everyone in the community, do not transfer money or cryptocurrency to anyone you do not know," police said.

"Often, seniors and new Canadians are targeted in these cryptocurrency related frauds. Please have a discussion with people in your life, and ensure they are aware of these types of fraudulent activity."

Staff at a business with a bitcoin ATM are trained and often recognize potential victims and warn them not to transfer money.

"If a staff member advises you it is fraudulent, please take their advice and contact police," the release added.

Anyone with concerns about a potential scam or fraudulent activity can contact at 705-949-6300.

Other tips to prevent phone fraud:

- Do not share personal information with anyone you do not know over the phone. Remember, you are not obligated to share your information with others. Do not be shy about asking the person on the phone questions about why they are requesting money or personal information.

- If you have second thoughts, end the communication. It is not rude, it is cautious. Protect yourself and your personal information at all times.

For more tips, visit the Canadian Anti-Fraud Centre.