• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Casinos not on Gamstop
      • Real Money Casinos
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Casinos not on Gamstop
      • Real Money Casinos
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
Scams

Canadian Police Warns against Rising Bitcoin Scams the Country

Gautham by Gautham
6 years ago
in Cryptocurrency Market News
Reading Time: 2 mins read

The performance of Bitcoin has been really great for the past few months. The digital currency reached an all-time high recently before recording a sharp decline this weekend. The increased Bitcoin price followed by speculations of further rise has led to an increase in the number of fraudulent investment schemes and scams.

The rise in Bitcoin-related frauds has forced the Canadian Police to warn the country’s population. The Durham Regional Police issued the warning following multiple reports from the residents of the region. According to the information available on various media outlets, many Canadians were approached by fraudsters after they responded to few listed job openings and advertisements.

The report also describes the modus operandi of the fraudsters which involves sending cheques to victims and asking them to use that money to buy bitcoin. Once the user deposits the cheque into their account, buys the digital currency with own money and transfers it to the fraudster, the cheque or e-transfer sent to the user bounces, leaving them short of money.

Similarly, another scenario involves scammers posing as the employees or representatives of the Canada Revenue Agency who ask for income tax payments in Bitcoin. Victims of such cryptocurrency scams have lost thousands of dollars so far.

The Durham Region Police Department asks the residents to be cautious while dealing with such requests. They also urge them to come forward and report the fraud if they have lost money to such scams.

The issue is not confined to Canada alone. There have been reports of similar scams attempted in the United States and India as well. The tax season also presents a lucrative opportunity for the scammers as people won’t find a communication from the “taxman” unusual. Many times, the victims are unsure about the legality of Bitcoin and virtual currency fraud, which makes them think twice before reporting it to the authorities.

It is advisable for people to not only avoid people asking them to buy Bitcoin on their behalf but also be wary of attractive cryptocurrency investment options that promise unrealistic rewards, as such schemes usually end with unsuspecting investors losing money to Ponzi schemes. It is better to be careful than letting the desire to make a quick buck get the best/worst out of oneself.

Ref: Durham Regional Police | Image: NewsBTC
Tags: bitcoinBitcoin NewscanadaNewsScamstax
Tweet123Share196ShareSend
Gautham

Gautham

Related Posts

LUNC

LUNC Token Continues To Surge During Market Uncertainty, What’s Behind It?

2 hours ago
FOMO Erupts with HedgeUp (HDUP) Pre-sale. Investors Part from ArbDoge AI (AIDOGE) and Shiba Inu (SHIB)

FOMO Erupts with HedgeUp (HDUP) Pre-sale. Investors Part from ArbDoge AI (AIDOGE) and Shiba Inu (SHIB)

4 hours ago
HedgeUp (HDUP) Ecosystem Capitalizes on $17.2bn Alternative Market. Will Polygon (MATIC) or Shiba Inu (SHIB) Keep Up with This Force?

HedgeUp (HDUP) Ecosystem Capitalizes on $17.2bn Alternative Market. Will Polygon (MATIC) or Shiba Inu (SHIB) Keep Up with This Force?

4 hours ago
Is the Downturn Induced by SEC a Nail in Pepe’s Coffin? These are the Next Three Meme Coins to Watch

Is the Downturn Induced by SEC a Nail in Pepe’s Coffin? These are the Next Three Meme Coins to Watch

4 hours ago
Ripple

Former SEC Chairman Deserves Appreciation From Ripple, Alderoty States

5 hours ago
BNB

Bearish BNB Signs Hint Downtrend May Persist Beyond Expectations

7 hours ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    1 week ago
  • Willing to buy new crypto: Here are the best 10...

    1 week ago
  • Best Crypto Meme Coin Presales in 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Litecoin Set For 5X Rally, But This P2E Token DigiToads Can...

    4 hours ago
  • Elon Musk Says AI Is The Most Important Technology Of Our...

    5 hours ago
  • Further Upside Prediction For Dogecoin and Shiba Inu...

    8 hours ago
  • SandBox (SAND) and Decentraland (MANA) Don’t Even Come...

    10 hours ago
  • Anticipated Break of $26.30 Solana (SOL) Price Could Signal...

    11 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Casinos not on Gamstop
      • Real Money Casinos
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.