Ontario Resident Loses $35,000 to Cryptocurrency Investment Scam

A local resident in Guelph-Eramosa Township has lost over $35,000 to a cryptocurrency investment scam.

The victim reported the incident to Wellington County OPP on September 16th, prompting police to issue a warning about cryptocurrency and other investment scams.

According to the Canadian Anti-Fraud Centre (CAFC), Ontario residents lost approximately $284 million in various frauds in 2024, with another $569 million being reported in 2023. It's estimated that only between 5 and 10 percent of frauds are reported to the CAFC or police.

Scammers are using advanced methods to appear legitimate and trick people into trusting them, often promising unusually high financial returns. Police say residents should be cautious of investment opportunities that create a false sense of urgency, unsolicited investment offers through telephone calls, emails, or social media, and unexpected calls from cryptocurrency investment companies.