‘Scammers prey on vulnerabilities, pick up on victim’s cues, and will go to great lengths to develop a ‘relationship’ with endless promises to entice the victim’
Barrie police say a local senior was bilked out of around $200,000, but officers were able to retrieve a large chunk of that amount.
The incident has prompted a warning about cryptocurrency and investment scams.
City police say the local fraud unit became involved when the 78-year-old man’s bank raised concerns about suspicious financial activity.
Police say the victim began communicating with an individual in February 2025, who initially contacted him through social media.
The individual developed a “relationship” with the victim and convinced him to get involved in cryptocurrency investments, police say.
“Despite having never met in person, the victim became entrenched in what he believed to be a true connection over months of constant communication,” police stated in a release.
The individual gained access to the victim’s accounts and transferred substantial amounts of his money on multiple occasions into cryptocurrency accounts, which he had no access to, police say.
“The victim remained convinced the individual was working in his best interest,” according to the release.
Investigators believe those funds were then transferred outside of Canada, making it “extremely difficult if not impossible” to recover.
However, in this case, police say fraud unit officers were able to work with the victim’s bank to recover roughly $135,000.
“This investigation is a reminder that investment scams can take many forms and may involve a combination of romance, social media, artificial intelligence and cryptocurrency to gain a victim’s trust,” police say. “Scammers prey on vulnerabilities, pick up on victim’s cues, and will go to great lengths to develop a ‘relationship’ with endless promises to entice the victim to remain engaged.”
Residents should be cautious if someone:
- Promises unusually high or guaranteed investment returns
- Uses videos, advertisements or endorsements featuring public figures to promote an investment
- Contacts you unexpectedly about an investment opportunity
- Develops a romantic or emotional relationship but never agrees to meet in person
- Asks you to transfer money into cryptocurrency
- Asks you to download software that gives them remote access to your computer
- Shows you an online account with significant profits but prevents you from withdrawing the money
Local police urge residents to take time to verify an investment before sending any money. Be especially cautious when cryptocurrency is involved, as these transactions can be challenging to reverse.
If you believe you or someone you know has been the victim of a fraud, contact your financial institution and police as soon as possible.
Remember, if an investment sounds too good to be true, take five minutes and tell two people before making a decision that could be very costly, police say.
The Barrie police fraud unit also has fraud prevention tips on Facebook.
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