York police warn about cryptocurrency investing scams

A cryptocurrency exchange rate panel. York Regional Police are warning about scams in which victims are promised they can make money through crypto investing. (Shutterstock / lucadp - image credit)

York Regional Police are warning the public about cryptocurrency investing scams in which fraudsters approach their victims online, promising major payouts.

In a release, police wrote that the scam can begin "through messages on social media, unsolicited email, dating sites and online advertisements."

Fraudsters will say they know cryptocurrency traders or investors, or claim to be one themselves.

Promising a big return, they'll convince people to transfer money and go as far as setting up fake websites where victims can supposedly see their funds sitting in cryptocurrency accounts.

"In many instances, these fraudsters are using fake names and identities or impersonating existing legal companies," wrote police in the release.

"The fraudster will continually ask for more money and additional fees and eventually, victims will not be able to recover their money at all."

Police say that people should trust their instincts and never invest in something they cannot confirm is legitimate, or receive a money transfer from an unknown person.