Sign In

Senior Fraud Victim Again, Loses $12K After Initial $750K Loss

A Guelph man who earlier lost more than $750,000 in a cryptocurrency fraud has lost another $12,000.

On Friday the man in his 60s reported the new fraud. He advised he was recently contacted by someone who claimed he could help the victim recoup some of the losses from the earlier fraud. The victim created an account at an online financial institution and downloaded an app which gave the scammer access to his cellphone.


During a series of transactions over a two-week period, almost $12,000 was transferred out of the victim’s account. Residents are strongly encouraged to protect themselves, as these types of crime are very difficult to investigate and the chances of recouping losses is low.


Warning Signs – How to protect yourself:

  • Be careful when sending cryptocurrency; once the transaction is completed, it is unlikely it can be reversed.
  • Be wary of individuals met on social media who attempt to educate and convince you to invest into crypto currency.
  • Canadians need do their research to ensure they are using reputable and compliant services.
  • Some fraudsters will use the name of legitimate companies to lend credibility to the fraud and convince victims to send money. Verify email addresses, URLs, phone numbers and their physical address. Verify if the investment companies are registered with your Provincial Securities Regulator or the National Registration Search Tool (www.aretheyregistered.ca).
  • If you receive a suspicious or odd investment-related message from a trusted friend or relative, reach out to them through a different means of communication to confirm that it is them. Scammers can use hacked accounts to gain victims’ trust.
  • Beware of fraudsters asking you to open and fund new crypto accounts as they will direct you to send it to wallets they control – Don’t do it!
  • Question why someone is reaching out to you about an investment offer: Is this a conversation I would usually have with an unknown person? Does it make sense to invest in an opportunity based on the communication I had? Should I feel pressure or urgency when deciding to invest?
Guelph Police Service Prev Post
Couple Charged Together on Weapons, Theft and Drugs
Next Post
Guelph Humane Society Seeking Owner of Peacock

Add Comment

You must be logged in to post a comment.

Your cart

No products in the cart.