Canadian Crypto Owner Duped Out Of $240,000 In An Employment Scam
Crypto scams again seem to be on the rise in 2019 as the currency its use cases and adaptability increases. There seems to be news of a new scam victim in Canada. Scammers stole over $240,000 from the residents of Edmonton.
748 people across Canada lost more than $17 million to online dating scams in 2016, up from $16.7 million in 2015. In Edmonton, city police investigated two high-profile cases in the past year. One of the local victims lost more than $50,000, the second more than $90,000.
Of all the frauds that use romance as a pawn, “catfishing” is the most common. In these cases, the con artist uses a fake identity to charm victims into an online relationship and soon after, begins asking for large sums of money. They use fake profiles and usually come up with elaborate excuses as to why they can never meet in person.
Linda Herczeg, an Edmonton police detective says:
“The use of the internet to do any type of frauds or scams is increasing exponentially because of the ease of it and because of the ability to social engineer.”
Cybercriminals thrive on the buzz. Bitcoin prices reaching new highs make the currency more tempting both for scammers and for their new potential victims. The scams tend to be fairly unsophisticated, either tricking users into installing malicious apps or promising free money in exchange for an initial payment. In the end Bitcoin, just like social media, depends on community-based trust. When certain members of these communities violate that trust, it can ruin a good thing for everyone.