GRANDE PRAIRIE, AB– Grande Prairie RCMP are warning local residents and business owners to be cautious of scams involving cryptocurrency, also known as bitcoin.

RCMP say over the past few months they have received several reports of scams involving bitcoin, where victims have lost large sums of money.

“The scams use various narratives which lead victims to send bitcoin to thieves,” the release reads.

These may include:

• Helping the police or financial institutions catch others committing bank fraud
• Cheque cashing scams
• New job-related cheque cashing schemes
• Online investment schemes

RCMP say suspects contact the individuals by phone or email that appears to be legitimate and provide convincing information to enhance the scam. They say if someone asks you to invest in Bitcoin by phone or email, use caution.

RCMP provided the following tips to protect yourself from scams:

• Verify the caller or senders’ phone number or email address – scammers will often create numbers and addresses that are very similar to legitimate ones, or even appearing to be the same. Legitimate businesses do not mind you calling back to verify.
• Inspect emails and documents carefully before making any payments – fraudsters will use company names or logos similar to known businesses to make invoices seem real.
• Know that reputable organizations will never ask for private or personal information through email or text.
• Never use the phone number or email address provided in a suspicious message – use the contact information listed on verified websites or bills.
• Never feel pressured to make a quick decision – take time to verify.

For further information visit the Canadian Anti-Fraud Centre.