RCMP release:

RCMP Halifax Regional Detachment is warning the public about a cryptocurrency investment scam reported in Cole Harbour.

On November 27, RCMP officers responded to a report of fraud. Investigators learned that a man was contacted through a social media app and convinced to invest in cryptocurrency. The victim was defrauded of more than 154,000 USD.

Cryptocurrency scams are becoming more common and harder to detect. RCMP officers stress the importance of due diligence when considering investment opportunities.

Avoid becoming a victim:

• Be cautious: Be wary of anyone offering high-reward, low-risk investment opportunities. If it sounds too good to be true, it’s probably a scam.
• Do your research: Take the time to investigate an investment opportunity. Anyone who trades or advises on securities in Nova Scotia must be registered with the Nova Scotia Securities Commission (NSSC). If someone isn’t registered with the NSSC or another Canadian securities regulator, it’s likely they’re a scammer.
• Get advice: Remember that in Canada, cryptocurrencies are currently unregulated and don’t have the same fraud protection as credit cards, nor are they covered by the Canada Deposit Insurance Corp. When in doubt, seek advice from a reputable financial institution.

If you or someone you know is a victim of investment fraud, report it to your local police and the Canadian Anti-Fraud Centre.