The Crypto-Currency Scam

The Toronto Police Service and Investigators from the Financial Crimes Unit want to help so you #DontGetScammed by the 'The Crypto-Currency Scam'. Toronto Police Detective Dave Coffey of the Financial Crimes Unit explains what Cryptocurrency Scams are, how you can protect yourself, and how to report the fraud. Cryptocurrency is a digital currency created using encryption algorithms that are used with a cryptocurrency wallet. New cryptocurrencies are launched through initial coin offerings, but the initial coin offerings can be used as pump and dump scams. A fraudster may raise money by promising a new coin or crypto platform will make a lot of money, but then they’ll sell the tokens all at once and disappear with the investors’ money. People committing this scam may use fake images, videos or websites claiming that celebrities or public figures have endorsed their platform. In Ontario, the Ontario Securities Commission regulates Ontario’s capital markets. All cryptocurrency asset-trading platforms registered in Ontario are listed on the Ontario Securities Commission website. Find out more, at: https://www.osc.ca Protect yourself by: • Checking the registration of a person or business selling cryptocurrency or offering cryptocurrency investment advice • Keeping your digital wallet, personal and banking information safe, and • Using multi-factor authentication If you are a victim of a Crypto-Currency Scam, or other scams, report the fraud to police. To find key information about reporting a fraud, trusted resources, scam information and prevention tips, Visit https://www.tps.ca/fraud/ so you #DontGetScammed Watch for a new #DontGetScammed video every month in 2023 to learn about frauds and the red flags to recognize a scam.