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Barrie Police are warning residents about cryptocurrency and investment scams after a 78-year-old man lost about $200,000.
The Fraud Unit became involved after the man’s bank raised concerns about suspicious financial activity. Investigators learned he began communicating with an individual through social media in February 2025.
Police say the individual developed a relationship with the victim and convinced him to become involved in cryptocurrency investments. Despite never meeting in person, the victim became convinced the relationship was genuine after months of constant communication.
The individual eventually gained access to the victim’s accounts and transferred substantial amounts of money on multiple occasions into cryptocurrency accounts that the victim could not access. Police say the victim remained convinced the individual was acting in his best interest.
Investigators believe the money was then transferred outside of Canada, making it extremely difficult, if not impossible, to recover. In this case, however, the Barrie Police Service Fraud Unit worked with the victim’s bank to recover approximately $135,000.
Police say investment scams can take many forms and may combine romance, social media, artificial intelligence, and cryptocurrency to gain a victim’s trust. Scammers can exploit vulnerabilities and use information from their interactions with victims to build relationships and make promises intended to keep them engaged.
Residents are being urged to be cautious if someone promises unusually high or guaranteed investment returns, uses videos or endorsements featuring public figures to promote an investment, or contacts them unexpectedly about an investment opportunity.
Police also warn residents to be cautious if someone develops a romantic or emotional relationship but never agrees to meet in person, asks them to transfer money into cryptocurrency, asks them to download software that provides remote access to a computer or shows an online account with significant profits while preventing withdrawals.
Barrie Police are urging residents to take time to verify an investment opportunity before sending money, particularly when cryptocurrency is involved because those transactions can be difficult to reverse.
Anyone who believes they or someone they know has been the victim of fraud is advised to contact their financial institution and police as soon as possible.
Police also remind residents that if an investment sounds too good to be true, they should take five minutes and tell two people before making a decision that could be costly.
For more information, follow the Barrie Police Fraud Unit on Facebook.
