Police warn of Bitcoin scams

The Peel Regional Police Fraud Bureau would like to inform the public of emerging scams related to Bitcoin.

Investigators have received an increase in the number of occurrences in which unknown suspects over the telephone have defrauded members of the public.

Suspects identify themselves as police officers from various police services, including the Peel Regional Police. A demand is made to victims to transfer money via “Bitcoin” ATMs to avoid the issuance of an arrest warrant.

Variations of the scam include suspects identifying themselves as the Canada Revenue Agency or other federal agencies.

Through the manipulation of technology, suspects can make it appear as though the phone number they are utilizing belongs to the actual agency being mimicked.

Public education and awareness are paramount in preventing the continuation of this type of fraud. Peel Regional Police wants to remind the public that in no circumstance would a police service or any government agency request a member of the public to forward money via a Bitcoin ATM to prevent an arrest or any other type of enforcement.

In many Fraud related cases, people in vulnerable situations are coerced, manipulated and taken advantage of for the profit of the fraudster. I

Anyone with information is asked to call investigators with the Fraud Bureau at 905-453–2121, ext. 3335. Anonymous information may also be submitted by calling Peel Crime Stoppers at 1-800-222-TIPS (8477).

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