Space man loses 1000’s in cryptocurrency rip-off on Instagram

SOUTH SIMCOE POLICE SERVICE

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The South Simcoe Police Service seeks to raise awareness among locals about a cryptocurrency fundraising scam that is now being perpetrated on social media, most notably Instagram.

This warning is being issued as a result of a recent incident in which a guy in Bradford, aged 32, lost a number of thousand “dollars” to the fraud.

In this scheme to defraud people of their cryptocurrency financing, the con artists target you by hacking into the social media accounts of your friends. The con artist will talk to you about bitcoin funding while posing as your friend.

Because you get the impression that you are having the conversation with somebody you can trust, you could be more willing to make the investment. The con artist assures you of a significant return on your investment of a very modest sum, such as $1,000, and suggests that you do so immediately. After that, the suspects will start offering you a variety of reasons as to why you need to send additional money, such as the fact that there are transfer fees that need to be covered.

When victims get suspicious or dissatisfied with the method and ask for their or their refund, fraudsters say they will return the money if the victim posts a video selling the “funding alternative.” When victims become suspicious or annoyed with the method and ask for their or their refund. Although the money is not given back, those who are connected to the victim will see the video on social media and believe the funding is genuine because it appears to be coming from the victim.

The South Simcoe Police Service is advising citizens that they should always confirm the source of any request for funds or money before taking any action on the request. Confirm that the message really came from your buddy if you get a funding alternative from them by utilizing a different type of communication, like a phone call, a text message, or even by meeting in person. If you get a funding alternative from a buddy, confirm that the message actually came from your buddy. In addition, check to see if your friend’s social media account has been compromised by seeing if it can be accessed. Under no circumstances should you transfer money before verifying the legitimacy of the purchasers or the origin of the financing pitch.

The Canadian Anti-Fraud Centre has provided us with the following new information:

Warning indicators

• • Options for funding that promise returns that are implausibly high.

• • The sense of urgency gives you the impression that this is an offer that you do not want to pass up.

• • false adverts published on the internet or on social media platforms

• • Unsolicited financing offers collected through various social media platforms, the telephone, or email. The options may be presented by fraudsters imitating a friend, someone you will have just met through dating apps or social media, a counterfeit crypto company, or requests to convert your legitimate cryptocurrency investment to an other crypto address that is under the control of criminals.

Protect yourself from being taken in by fraudulent cryptocurrency transactions

1. Perform cautious research earlier than making any investments in cryptocurrencies.
2. When transmitting cryptocurrency, exercise extreme caution. After the completion of the transaction, it is possible that you may be unable to recall the specifics of it.
3. Verify that the message really came from your friend if they offer you a funding alternative and you get it from them.
4. Be wary of persons you meet on dating apps or social media who try to get you to invest money in cryptocurrencies. These people may try to steal your money.
5. Be on the lookout for unsolicited requests that encourage you to register new cryptocurrency accounts and finance them. They might point you in the direction of wallets that are managed by crooks.
6. Before making any investments, it is important to do research on the company that is providing the supply and examine the project.
7. Make sure that you have a firm grasp on the terms of your cryptocurrency purchase and ownership.
8. Keep it to yourself please. Should you find yourself in possession of bitcoin, you should not broadcast the fact on social media because doing so would pique the interest of criminals.
9. If you find yourself a victim, you should immediately report the incident to the national police in your country.

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