RCMP release:

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

On October 2, RCMP officers learned that a man interacted with a woman through social media platforms and was convinced to invest into a cryptocurrency app. The victim was defrauded of more than $400,000.

With the introduction of cryptocurrencies, these scams are becoming more common and harder to detect.

RCMP officers stress the importance of due diligence when considering investment opportunities. You can protect yourself by following these tips:

• Be cautious: Be wary of anyone offering high-reward, low-risk investment opportunities. If it’s 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 cryptocurrencies are currently unregulated in Canada and don’t have the same fraud protection as credit cards, nor are they covered by the Canada Deposit Insurance Corp. Always use well-known and reputable exchanges to purchase cryptocurrency. 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.