Cryptocurrency-related fraud continues to impact individuals and communities across eastern Ontario. Fraudsters commonly exploit fear, urgency and secrecy to pressure victims into sending cryptocurrency, often through cryptocurrency ATMs, as these transfers can be fast, difficult to reverse and can be routed to criminals and criminal networks anywhere in the world.
Eastern Ontario now has over 300 crypto ATMs (40 within OPP jurisdiction), allowing the scammers to quickly direct victims to a nearby kiosk.
The Ontario Provincial Police (OPP) has seen numerous fraud themes including:
- Investment frauds
- Job / employment scams
- Relationship and romance scams
- Extortion scams
- Recovery scams (promises to recover lost crypto for a fee)
- Bank investigator scams
- Service scams (fake services, invoices, tech help, etc.)
During Fraud prevention Month in March, Community Engagement Officers at OPP detachments will work with local businesses, where crypto ATMs are located, to deliver fraud prevention materials and messaging. OPP Auxiliary members will also support community-based fraud-prevention education.
Common red flags to watch for, include:
- An urgent issue (account compromised, warrant, overdue bill, hacked device)
- Pressured to act immediately or threatened with arrest, fines, or embarrassment
- You are instructed to withdraw cash and deposit it into a crypto ATM
- You are told to keep it secret, not speak to family, bank staff or police