The Huron Ontario Provincial Police (OPP) is currently conducting an investigation into a recent fraud case in Huron East, which has resulted in a reported loss of $17,500.
On September 5th, the Huron OPP received a report from a resident of Huron East, who disclosed a financial loss of $17,500 due to an internet-based investment scam that occurred in late August.
According to the victim, they were introduced to a cryptocurrency investment website by a friend and invested $7,500, enticed by promises of significant profits.
The victim decided to invest an additional $10,000.
The funds were sent to Shakepay, which then converted the money into ETH (Ethereum), transferring it to another wallet where it was converted into cryptocurrency.
The fraudsters “froze” the investment and ceased all communication with the victim.
The investigation is currently ongoing.
In 2022, the Canadian Anti-Fraud Centre (CAFC) reported a staggering total of $530 million in losses due to fraud, marking an alarming 40% increase from the unprecedented $380 million in losses reported in 2021.
It is estimated that only a small fraction of scam and fraud victims, ranging from 5-10%, actually report such incidents to the CAFC or law enforcement agencies.
To safeguard yourself from falling prey to scams and frauds, here are some crucial precautions to consider:
Refrain from sharing personal information such as your name, address, date of birth, Social Insurance Number (SIN), and banking credentials.
Exercise caution when receiving friend requests from individuals you do not personally know.
Avoid investing your money in platforms or schemes offered by unfamiliar individuals or entities.
Exercise discretion when sharing images, as scammers may use explicit photos to extort victims into sending additional funds.
Strengthen the security of your online accounts with robust passwords and two-factor authentication.
Seek multiple quotes for home repair work and resist pressure to make hasty decisions.
Never send money to someone you have not met in person.
Do not respond to text messages from unfamiliar phone numbers.
Written By: K. Milhomens
