Le Lézard
Classified in: Science and technology, Business
Subjects: PSF, AVO

Quick easy money? Sometimes it's a quick easy LIE

GATINEAU, QC, March 1, 2023 /CNW/ - Are you looking to invest? Thinking about cashing in on the crypto craze? Think twice. It's possible that the promise of a way to make quick, easy money is just an easy way to separate you from your money.

Canadians are being scammed out of record-breaking dollar amounts via cryptocurrency investment fraud. According to the Canadian Anti-Fraud Centre, Canadians reported losses of $308.6M to investment fraud in 2022 compared to $164M in 2021. Of those reports, many involved Canadians investing in cryptocurrency after seeing a deceptive ad.

Investment fraud, including cryptocurrency fraud, takes many forms, but they all have one thing in common ? the big lie that you can make tons of fast cash!

Crypto scammers use various tools to entrap you. They create a false sense of urgency and capitalize on your fear of missing out on the next big thing. They use fake websites that feature phony reviews and endorsements from celebrities and regulators, even fake videos, all to make the investment look legitimate.

They reach you through the usual channels, like deceptive ads on social media, apps and websites, or through phone calls, emails and text messages. And they make the same false promise ? a huge return on investment!

What makes crypto scams unusual is the complexity of digital finance and currency. Many Canadians don't fully understand cryptocurrency beyond knowing that it's a newer form of payment. Scammers know that, and they use that lack of knowledge to deceive people. Cryptocurrency is a hot topic, and many want in on the "action". No one is immune and anyone, including businesses, can be a victim.

So next time you get an offer urging you to "invest now before it's too late!" follow our tips to avoid becoming a victim of crypto fraudsters.

Tips to avoid crypto investment fraud:

If you believe you have been misled or think you've seen a cryptocurrency investment fraud, report it to the Competition Bureau.

You can also report it to the Canadian Anti-Fraud Centre, the Better Business Bureau or your provincial or territorial regulator.

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The Competition Bureau is an independent law enforcement agency that protects and promotes competition for the benefit of Canadian consumers and businesses. Competition drives lower prices and innovation while fueling economic growth.

SOURCE Competition Bureau

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