St. Thomas police are urging bail after an elderly couple lost $17,000 in a cryptocurrency scam.
The couple in their 80s believed they bought $250 worth of bitcoin – the most popular digital currency – from an England-based website in January, police said July 27. In April, the couple was advised that number increased to more than $17,000.
The scammer told them to download an app and insert their banking information so funds could be transferred back into their account. Instead, multiple withdrawals were made from the account over several months.
Each time the scammers spoke with the couple, they blamed the missing money on “processing fees,” police said.
St. Thomas police advise the public should watch for “red flags” indicating suspicious behavior online. “Please protect yourself and your money,” police said in a release.
Cryptocurrencies are digital assets that use decentralized networks based on blockchain technology – a distributed ledger enforced by a disparate network of computers – to track transactions.
Those looking for information on circulating scams should visit www.antifraudcentre-centreantifraude.ca/index-eng.htm.