Mississauga, Brampton residents urged to beware of cryptocurrency crooks


Published April 28, 2022 at 12:33 pm

Mississauga, Brampton residents urged to beware of cryptocurrency crooks

Mississauga and Brampton residents are being warned by police to beware of cryptocurrency crooks who are out to steal people’s money and personal information.

The warning comes from the Peel Regional Police Fraud Bureau, which said in a post to social media today (April 28) that “fraudsters are utilizing (cryptocurrency) to steal your money by promising a high rate of return and in a short period of time.”

The tweet continues, “Instead, you will lose your investment and possibly your personal information. Get your crypto from a known and reputable exchange.”

Cryptocurrency fraud is a growing concern in Canada and beyond, according to law enforcement agencies.

Reportedly, while the median loss is about $600, losses to people across Canada as a result of cryptocurrency schemes and fraud total in the millions of dollars.

So-called “digital gold” draws people in droves who are looking to cash in on cryptocurrency, authorities say, adding the thought of big money–and quickly–makes many people attractive targets for fraudsters.

The Better Business Bureau has described the current cryptocurrency asset market as being akin to “the wild west.”

The agency noted earlier this year that crypto fraud is a big problem, and one that’s growing quickly.

Authorities urge people to do their research, get investment advice from someone they trust and to not be in a hurry or feel pressured to invest.

Additionally, they say not to invest in a crypto asset unless you can afford to lose your money.

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