Guelph Senior Loses $330K in Crypto Scam

Residents are reminded to be extremely cautious when dealing with unknown individuals, after a Guelph woman lost more than $300,000 in a crypto scam.

On Tuesday the victim in her 60s attended the police station to report the scam. She had listed a basement apartment for rent and was contacted by a man who claimed to be interested in it. The two began exchanging messages and eventually he convinced her to invest in cryptocurrency, downloading an app and investing $200,000.

The victim saw her “investment” appear to grow and paid an additional $131,000, supposedly to cover fees. She eventually concluded it was a scam and contacted police.

Residents should be very careful when dealing online with someone they do not personally know. Monies sent as cryptocurrency are very difficult to trace and the odds of recovering these funds is very low.

Anyone who suspects they have been the victim of cybercrime or fraud should report it to their local police and to the Canadian Anti-Fraud Centre’s online reporting system or by phone at 1-888-495-8501. Even if no financial loss has been sustained, interactions can still be reported to the CAFC.