Wood Buffalo RCMP warn public of rising investment cryptocurrency fraud

Wood Buffalo RCMP are warning residents to be aware of an increased amount of cryptocurrency scams happening in northern Alberta.

Police said in a Tuesday news release cryptocurrency scams have been on the rise throughout December and victims have lost more than $55,000.

According to reports, social media advertisements claiming to be employment or investment opportunities have played a large part in defrauding people.

Victims were asked to deposit or buy cryptocurrency in order to fulfill investments and job applications.

In some cases, scammers called victims stating their online shopping accounts have been compromised and were told to go to "specific cryptocurrency ATMs" to deposit money to "manage their compromised accounts."

Mounties said the scammers would stay on the line with their victims to guide them through the process.

RCMP said there are ways to prevent fraud, including:

Canadian government agencies, banks and police will never ask to pay for a fine by purchasing and depositing cryptocurrency, RCMP said, and that if they do, they aren't who they say they are.

They said anyone who contacts you demanding cryptocurrency payment is likely trying to scam you.

Some of the red-flags to look out for are scammers offering time-sensitive deals or promising larger than normal returns on investments.

More resources and information on how to protect yourself from investment fraud can be found here.

An investigation into the fraud incidents are ongoing, according to Wood Buffalo RCMP.

Anyone with further information about the investment scams are asked to contact Wood Buffalo RCMP by calling 780-788-4040.

To submit anonymously, contact Crime Stoppers at 1-800-222-8477 or submit an online tip at P3Tips.com.