Criminals use Bitcoin ATMs to defraud Canadians out of more than $50,000

Criminals use Bitcoin ATMs to defraud Canadians out of more than $50,000

In the digital age, with the increasing popularity of cryptocurrencies, fraud cases have skyrocketed. It is important to note that Canadian residents have fallen victim to these deceptive tactics and have lost millions of dollars. Criminals are now using Bitcoin ATMs to defraud victims.

Spoofed calls, huge losses

One particularly harrowing case occurred in Renfrew County, Ontario. Here, a man was scammed out of $50,000. What’s the trick? Perpetrators impersonate government officials and even police officers. The Ontario Provincial Police (OPP) revealed this shocking incident.

This plan in Renfrew County is not an isolated incident. In early April, a British Columbia resident was defrauded out of $7.5 million. The huge sum makes the scam compelling, but its tactics are disturbingly familiar.

Scammers slowly gain the trust of their victims through these so-called “pig-killing” scams. They convince individuals to trade cryptocurrencies through fake apps. It was only later, to the horror of the victims, that they realized they would not be able to recoup their investment.

In the case of this British Columbia resident, subsequent scammers promised help in overcoming complex hurdles and recouping the initial investment. However, this is just another money trick. While no Bitcoin ATMs were involved, the losses were still substantial.

Fake calls and shocking claims involving Bitcoin ATMs

Ottawa City News reports on the experience of another victim who received a series of “spoofed phone calls.” The calls, disguised as representatives from federal agencies or police, put victims into a corner. They were instructed to convert the funds into Bitcoin and use one of the city’s Bitcoin ATMs.

Although CityNews did not provide specific scenarios used by these scammers, they issued a warning. They urge the public to be suspicious of any calls claiming there is a problem with their Social Insurance Number (SIN) or mentioning intercepted packages. Additionally, agencies or police will never ask you to go to a Bitcoin ATM to transfer money.

Individuals must understand that they will never be contacted by legitimate government agencies regarding SIN violations. The public must remain vigilant. As seen in these cases, converting and sending funds through Bitcoin ATMs to so-called authorities is a serious mistake. Any request for payment from an unknown source, especially through a phone call purporting to be from law enforcement, should be viewed with suspicion.