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Police caution residents against rising crypto crimes in Regina

Police caution residents against rising crypto crimes in Regina

Amid the rising crypto crimes in Regina, the local police have issued a warning to the citizens not to fall prey to scammers. A police poster in Regina warns against sharing personal financial details with unknown persons over the internet. The poster strictly warns against fraudulent Bitcoin schemes.

After a surge in crypto crimes in Regina, the police department has launched an initiative to warn people about the cryptocurrency scams. Despite relatively low crypto penetration in Canada, the Regina Police Service is reporting a surge in illicit cryptocurrency schemes that extort money from gullible investors.

Police serious about crypto crimes in Regina

Typically, scammers target people over phone calls. Sgt. Kelley Berting says that scammers threaten victims to divulge their personal financial information by posing as CIA or tax authority representatives. Many times, they mislead victims about their blocked SIN number and proceed to charge a fee to unblock it.

Victims are often persuaded to withdraw cash and then guided towards one of the many Bitcoin ATMs to buy Bitcoin. Scammers use BTC since it is pretty common compared to other cryptocurrencies, and victims can procure it easily.

Police caution residents against rising crypto crimes in Regina 1

Sgt. Kelley further elaborates that Bitcoin is hard to trace and its use in illicit transactions poses increased scam-related risks. The decentralized virtual currency does not come under any financial institution thereby helping scammers accomplish their fraud anonymously. The high privacy offered by cryptocurrencies can often impede the investigation.

Guidance and support available for crypto scam victims

According to the police department, crypto crimes in Regina have scammed more than $60,000 from the residents. She warns that crypto scams have the potential to seriously harm someone’s financial situation.

Berting further mentions a step-by-step guide to help victims of crypto crimes in Regina. First, the victim must inform the matter to the authorities. Next, they must get in touch with their respective bank. Third, the victim must dial Service Canada to check whether their account is hacked. Lastly, he/she must call TransUnion or Equifax to save their credit.

Scammers can also pose as local police officers and ask about personal details. The elderly remain high-risk targets of crypto scammers. Regina residents must understand that police or other government agency never asks about personal ID details or financial information. The poster warns that if someone receives such a call, they must inform the authorities immediately.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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