New Brunswick Tribune

Thursday, November 30, 2023

How New Brunswickers may keep safe in the face of the escalating crypto scams

How New Brunswickers can keep safe with the rise in cryptocurrency scams

Key Takeaways:

  • Police in Saint John issued a warning to citizens after a spate of bitcoin frauds this week.
  • The New Brunswick RCMP’s Cpl. Hans Ouellette said, “We have to be careful about who calls us and who is looking for something from us online.
  • You can do this by getting in touch with your financial advisor directly, calling the CRA customer service number listed on the company website, etc.

Following a wave of cryptocurrency frauds in the city this week, Saint John police warned locals.

According to a press release from the police department, since the beginning of May, they have reacted to “at least five separate cases” of cryptocurrency-related scams that have cost victims “tens of thousands of dollars in losses.”

According to the local RCMP, the issue is widespread and increasingly worse throughout New Brunswick.

Cpl. Hans Ouellette of the New Brunswick RCMP stated, “We have to be attentive with who phones us and who is seeking anything from us online.

Also read: Saint John’s revitalization is aided by the Memorial Cup

However, we must also pay close attention to some of our most vulnerable groups, such as the elderly and young people who may not be accustomed to receiving such calls or interacting with financial institutions. These are the types of problems we need to discuss with them.

In its provincial authority, the New Brunswick RCMP responded to 3,756 calls for fraud in 2020, an increase of 40.99% from the previous year.

Cities with their police forces, including Saint John and Fredericton, are not considered.

Most frequently, con artists would call victims while posing as representatives of their banking institution, the Canada Revenue Agency, or even the police.

According to Ouellette, if someone calls you and asks for personal information and you’re not sure who you’re speaking to, you should hang up or disconnect and get in touch with them later using a comfortable method.

This includes contacting your financial advisor directly, finding the CRA customer care number on the organization’s official website, etc.

When cryptocurrency is involved, verification is more crucial. Bitcoin and other cryptocurrencies make it more difficult to track transactions and recover lost monies.

Crypto scam warning after criminals spotted trying 'new tricks' to steal  funds
How New Brunswickers can keep safe with the rise in cryptocurrency scams. Image from New York Post

Security startup Gray Wolf Analytics, based in Fredericton, works daily to secure cryptocurrency users.

According to co-founder Matt Sampson, scammers are terrible people who abuse the confidence that people place in them.

He claimed that in one instance, a person served as a mentor to a newcomer to the cryptocurrency industry, offering to handle the individual’s investments and other matters and even persuading them to involve their family and friends before making off with the money.

Sampson claimed to have witnessed instances of fraud resulting in losses as high as seven figures.

The Canadian Anti-Fraud Center provides a wide range of tips for avoiding fraud, including cryptocurrency fraud.

Additionally, it serves as a reporting point for people who believe they may have fallen victim to a scam or already have.

According to the center, scammers have recently started taking over Instagram accounts, posting false information about large payouts to deceive people’s friends and families.

Source: CTV News

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