Owen Sound Police Issue Warning Over Rising Crypto Scams
A recent surge in cryptocurrency scams has prompted Owen Sound Police to warn residents about sophisticated fraud tactics.
Local police are warning residents to be vigilant as cryptocurrency-related scams targeting investors continue to rise across Owen Sound and the broader region.
The Owen Sound Police Service (OSPS) issued the warning on Thursday, November 20. Police Chief Craig Ambrose told the Owen Sound Current that while specific case details are being withheld to protect the identities of those involved, the warning was issued in response to a cluster of recent incidents.
“We have avoided detailed information to eliminate the possibility of victims being identified or details leading to the identification of victims,” Ambrose said.
“Some of the incidents remain under investigation, and the information is not yet known. Not all reports have resulted in financial loss, but it was important to remind the community about the potential for victimization.”
These scams typically begin online — through social media, advertisements, or unsolicited messages — and promise quick, guaranteed returns on investments made in digital currency.
According to police, the scams often follow a predictable pattern:
Victims are approached by individuals claiming to be professional investment brokers.
They are directed to what appear to be legitimate trading platforms — websites that are often highly sophisticated but entirely fraudulent.
Early “profits” are shown to lure victims into investing more money.
When individuals attempt to withdraw funds, scammers demand additional payments for fake fees or taxes.
Eventually, all contact is cut off, and the victims’ funds vanish through international crypto transactions that are nearly impossible to trace or recover.
“The nature of these scams makes them extremely difficult to investigate once funds are sent,” police said in the advisory. “Fraudsters use foreign platforms and cryptocurrency transfers to cover their tracks.”
OSPS is urging residents to be cautious with unsolicited investment opportunities, particularly those offering guaranteed returns.
Officers advise residents not to send cryptocurrency to anyone they haven’t met in person or cannot verify, and to be especially wary of giving out personal banking details or crypto wallet recovery information.
They also encourage anyone considering investing in crypto to consult a trusted financial advisor and confirm that any trading platform is registered with Canadian securities regulators.
Residents who believe they’ve been targeted or defrauded are encouraged to contact local police and report the incident to the Canadian Anti-Fraud Centre at www.antifraudcentre-centreantifraude.ca.