The OPP Cyber-Enabled Fraud Team (CEFT) is warning the public about the risks of engaging private cryptocurrency tracing companies to recover funds lost to cyber-enabled fraud due to the increase of recovery scams.
Some cryptocurrency tracing companies are not legitimate and target individuals who have already been victims of fraud, claiming they will be able to help get their money back. They may ask for payment for their services, resulting in further losses.
While some legitimate companies do provide cryptocurrency tracing services, it’s important to understand their limitations. These companies lack the legal authority to freeze or seize funds.
Reports generated by some of these companies may not be suitable in court or at trial. Victims may face high fees for reports that ultimately direct them to seek help from law enforcement. These reports can also include inaccuracies, errors, or oversimplifications.
It is recommended to always exercise caution and ensure thorough research before engaging in these services.
If you’ve been a victim of cyber-enabled fraud, your first step is to report it to your local police service. The police have access to reliable cryptocurrency tracing tools designed for investigative purposes. Police must rely on law enforcement generated reports for conducting investigations.
How to Protect Yourself
- Beware of unexpected messages or calls. Individuals who commit fraud often reach out to victims who have publicly shared their cryptocurrency losses online or on social media platforms.
- Be cautious of individuals who pressure you into acting quickly to recover lost cryptocurrency and who demand upfront fees.
- Don’t provide anyone with sensitive information such as your wallet’s private key or seed phrase.
- Be aware that some cryptocurrency tracing services appear as legitimate companies but provide false reports.
For more information on fraud prevention, visit opp.ca/fraud and sfo.opp.ca.
If you suspect fraudulent activity or have been a victim of fraud, report it immediately to your local police and the Canadian Anti-Fraud Centre at 1-888-495-8501 or online via the Fraud Reporting System.
Image by MichaelWuensch from Pixabay
Some tips to help so you do not get scammed:
Eg If a call claiming to be a “Bank”.
1. Do not provide any personal info eg address, birthdate, SIN, email address “bank account number”, cc number, debit card number, 3 digit code or access PIN number.
Get as much info as you can out of them
Eg. Name of company they say they work for, their name, copy down the phone number they are calling from so you can google it etc,
Never allow them to “transfer” your call to a so called “superior”…probably sitting beside them and part of the scam.
NEVER click on a link they send you. That is part of the scam and gets them access to your info.
Giving them info gets them access to your account to withdraw, transfer funds or use your personal info to setup ewallets, new accounts, access your credit and make you liable!!
Once you get as much info as possible, disconnect the call. Call your bank directly at phone number on back of your bank card. Ask if they called!
A bank knows your bank card number already…they will at the most ask you to validate last 4 numbers , never total card number or 3 digit etc.
If they send you an email…pay close attention where it comes from (eg make sure it’s your bank – extension not something similar to trick you). Call bank and validate if that person works there.