Mounties in Coquitlam are out with a warning after receiving multiple reports of cryptocurrency scams last month.
In a press release, the detachment described the scam and said that victims in the city have lost thousands of dollars. In an email to CTV News, police said they received two reports within a week, with missing amounts between $10,000 and $25,000.
In each case, according to authorities, the scheme started with a phone call from someone who was a bank manager. The victim was informed that his account had been “compromised” and told to withdraw money and deposit it into a cryptocurrency machine as bait.
“Banks will not instruct you to withdraw money to convert to cryptocurrency under any circumstances,” said spokesperson Cpl. Alexa Hodgins.
“These tech-savvy scammers send victims to cryptocurrency ATMs to make transactions. The scammers stay on the phone to guide victims through the process.”
Hodgins also encourages anyone who has fallen victim to this or other scams not to be shy, and to report it to their local police department.
“This type of fraud plays on the victim’s emotions, and has nothing to do with the victim’s intelligence,” he said.
More information form the BC RCMP Common Bitcoin scams can be found online.