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Guelph man loses $180,000 in Bitcoin scam, despite being warned

Bank staff warned the man he was being scammed
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Guelph police are again warning the public to be cautious when investing online after a local man lost more than $180,000, much of it after ignoring warnings from bank staff that he was being scammed.

On Friday, a Guelph man in his 60s contacted police to report the fraud. He reported last November he responded to an online ad for a supposed Bitcoin investment firm. Since then, he sent more than $34,000 through e-transfers and $151,000 through wire transfers. He told police staff at his bank warned him he was being scammed, but he did not believe them and insisted on completing the transfers.

He became suspicious when he was contacted and asked to send another $60,000 to cover administrative fees.

Residents are warned to be wary of any online contact, and to investigate thoroughly before sending money to anyone. Cryptocurrency scams are very difficult to investigate and the odds of recovering lost funds is very low.

Anyone who suspects they have been the victim of cybercrime or fraud should report it to their local police and to the Canadian Anti-Fraud Centre’s online reporting system or by phone at 1-888-495-8501. If there is no financial loss it should still be reported it to the CAFC.