The Ontario Provincial Police (OPP) Prince Edward County Detachment is reminding the public to use caution when sending or investing money online after a local person lost $30,000 in a fraudulent Bitcoin scheme.
According to Prince Edward OPP, on Monday an individual reported to have received an email from someone purporting to be an investment advisor. The advisor promised positive returns and a successful investment plan. Further correspondence via email lead to the individual sending approximately $30,000. This Canadian currency was then to be exchanged and invested in Bitcoin. The individual was unable to recover any of the funds.
While there are many online trading platforms and advisory services, remember to check their credentials. There are many designations for financial advisors, be sure to ask your financial advisor about their education so you can determine whether someone has specialized training to help you achieve your financial goals. Some common fraud warning signs and suggestions include:
· Were you promised a high return on a low risk investment?
· Can you verify the investment with a credible source?
· Is the person who contacted you registered?
“Before sending money, always remember to pump the brakes, ask questions and conduct research. If it’s too good to be true, it likely is,” Community Safety / Media Relations Officer Provincial Constable Aaron Miller said.
For more information on financial advisor visit www.canada.ca/en/financial-consumer-agency/services/savings-investments/choose-financial-advisor.html