Cryptocurrency Scams on the Rise in Manitoba
Manitobans are being targeted by investment scams, with cryptocurrency being a common tool used by fraudsters. The Better Business Bureau (BBB) of Central Canada has reported a significant increase in investment scams, with 10 reports in 2023-24 compared to just two in 2021-22. The Canadian Anti-Fraud Agency has also seen a rise in investment scams, with 25 Manitobans losing over $665,000 in the first three months of 2024.
Scammers often use social media or fake “wrong number” phone calls to connect with potential victims. They may then offer investment advice, promising high returns with no risk. They may also encourage the use of cryptocurrencies, which can make it difficult to track funds and recover losses.
Red Flags to Watch Out For
Here are some red flags to watch out for when it comes to investment scams:
- Guarantees of high returns
- Promises of no risk
- Pressure to act quickly
- Offers that seem too good to be true
- Requests to invest in cryptocurrencies
If you are contacted by someone offering investment advice, do your research and be cautious. Remember, if it sounds too good to be true, it probably is.
