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Local cryptocurrency investment scams have cost residents more than $2M in 10 months, police warn

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Local cryptocurrency investment scams have cost residents more than $2M in 10 months, police warn

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Warning issued after 20 incidents of scam were reported to Waterloo regional police

NEWS RELEASE

WATERLOO REGIONAL POLICE SERVICE

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The Waterloo Regional Police Service is issuing a warning after several people have fallen victim to cryptocurrency investment scams.

Cryptocurrency investment scams continue to affect many residents within Waterloo Region. 

Over the past 10 months, fraud investigators from Waterloo Regional Police Service’s General Investigation Unit have received 20 reports from victims of these investment schemes. In some cases, members of the community have utilized lines of credit, credit cards and their life savings to invest in these scams.

In total, these individuals have sustained losses of more than $2 million, with individual losses ranging from $35,000 to $390,000.

Cryptocurrency scams and fraud scams attempt to steal money and personal and financial information from victims. Fraudsters will offer cryptocurrency buy-ins, promising a high rate of return, in a short amount of time. Instead, victims lose their investment and sometimes their personal and financial information. It should also be noted that cryptocurrencies operate independently of a central bank and are currently unregulated in Canada.

When victims lose money as a result of these scams, banks will not reimburse clients for any losses, as the loss is not the result of a regulated bank’s actions.

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