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Barrie Police is warning residents to stay vigilant as cryptocurrency scams continue to rise, with more than $3 million lost by victims in recent months.
Many of the scams begin with online advertisements on well-known platforms such as Google, Microsoft Network, and Instagram, often featuring impersonations of public figures to promote fake investment opportunities.
According to investigators, victims are encouraged to make a small initial investment that appears to grow quickly, sometimes with the company “matching” the amount. This creates a false sense of legitimacy before victims are directed to continue communication through apps like WhatsApp or Signal, where scammers become harder to trace.
Det. Kris Nicholson says the money is typically deposited into fake online platforms designed to look legitimate, but victims are ultimately unable to withdraw any funds.
Common red flags include promises of guaranteed or unusually high returns, pressure to act quickly, requests for secrecy, and being asked to move conversations off public platforms. Unsolicited investment offers (especially from unfamiliar contacts) should be treated with caution.
Residents are encouraged to verify investment opportunities independently, avoid clicking suspicious links, and never share personal or banking information. Police also stress that legitimate financial institutions will not request payment in cryptocurrency or ask for sensitive details through unsolicited messages.
Anyone who believes they may be a victim of fraud is urged to contact Barrie Police or report the incident to the Canadian Anti-Fraud Centre.
Police remind the public that reporting fraud can help investigators track trends and prevent others from becoming victims.
