Guelph Woman Loses $10K in Crypto Scam

Residents are warned to be careful dealing with unknown individuals online after a Guelph woman lost nearly $10,000 in a cryptocurrency scam.

Earlier this month the woman received a text from someone claiming to represent an investment company, followed by a message on WhatsApp which included a link to the company’s website.

After some initial research on the site the woman made small investments. When those appeared to yield returns, she deposited $2,500 into an online cryptocurrency account and then a day later deposited another $7,000.

When she requested to withdraw her funds, a representative told her she must deposit another $25,000 to free up the funds. The woman described the company’s tactics as manipulative and trying to force her to make decisions quickly without time to think.

Residents are encouraged to be wary of any telephone call, email or text which requires you to take immediate action, especially when dealing online with someone you don’t know. It is always best to independently contact the supposed sender and confirm the legitimacy of any correspondence before taking action.

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.