Ontario resident loses $50,000 in online fraud | #cybercrime | #infosec

An Ontario resident lost $50,000 in an online scam.

The resident, from Fergus, north of Guelph, contacted the Ontario Provincial Police on Aug. 25.

The OPP said the resident received communications from people claiming to be representatives of a cryptocurrency exchange platform.

The representatives told the victim that there was a security concern related to their cryptocurrency wallet and accounts.

Believing the communications to be legitimate and noting that they included professional branding, the victim followed instructions related to their accounts and cryptocurrency holdings, police said.

The victim believed the security concern had been successfully resolved, police said.

But the victim later discovered that unauthorized cryptocurrency transactions had occurred and that a significant amount of cryptocurrency had been transferred from their accounts to unknown wallet addresses.

Police said the financial loss is estimated to be approximately $50,000.

The victim contacted police and the Canadian Anti-Fraud Centre.

The OPP said victims of fraudulent calls, texts, or emails are not alone. Police encourage victims to report the incident to the Canadian Anti-Fraud Centre by calling 1-888-495-8501 or visiting Report Cybercrime and Fraud | National Cybercrime and Fraud Reporting System

Or contact the OPP or your local police service.

Fraudsters often target victims of fraud a second or third time with the promise of recovering money, the OPP said. Always do your due diligence and never send recovery money.

Share any updates with the Canadian Anti-Fraud Centre, your financial institutions and police. Tell family, friends, neighbours and co-workers about your experience. You may prevent someone else from becoming a victim, police added.

Lead photo: Glenn Carstens-Peters

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