Canada Warns of Rising Pig Butchering and Crypto Investment Scams

cryptonews.com:

The Canadian Anti-Fraud Centre (CAFC) has warned about a surge in crypto scams targeting Canadian citizens.

In a Tuesday announcement, the anti-fraud call centre said there has been an increase in two specific types of cryptocurrency scams targeting Canadian citizens, including pig butchering or romance scams, and investment scams.

In response to this concerning trend, the CAFC, in collaboration with the Canadian Investment Regulatory Organization (CIRO), has issued a warning to raise awareness about these sophisticated scams, particularly those involving prolonged online communication.

The CAFC, in collaboration with the Canadian Investment Regulatory Organization (CIRO), warned citizens to exercise caution when engaging with individuals who discuss cryptocurrency trading or investments.

“Fraudsters may attempt to establish a friendship or develop an online romance, or they may pose as legitimate investment advisers. Over time, the scammer will propose an investment opportunity, often involving crypto assets,” the warning states.

Victims are frequently presented with crypto investment schemes promising unrealistic returns.

Scammers create fraudulent investment platforms and coax victims into signing up.

Once the victim’s identity is compromised, the scammers lock their invested funds, leaving them unable to access their money.

However, in the initial stages, victims are allowed to withdraw small amounts to give the appearance of legitimacy.

Canadian citizens are strongly urged to report any instances of fraud to the CIRO, CAFC, and local law enforcement agencies.

The prompt reporting of such incidents helps authorities track and combat these scams effectively.