FRAUD FRIDAY: Cryptocurrency scams

July 11, 2025

The Thunder Bay Police Service is continuing to raise public awareness of common types of scams that target local residents.


Police have recently received reports of local residents who have fallen victim to cryptocurrency fraud, including a case where one person lost more than $500,000.


Fraudsters may offer promises of substantial return on cryptocurrency investment, but will instead steal money and may also gain access to personal financial information. If an unknown person offers to assist with setting up a cryptocurrency account, this is a scam.


Once funds are transferred, it is highly unlikely that they will ever be recovered. Funds can quickly be transferred through multiple exchanges originating in several different countries and are extremely difficult for law enforcement to trace.


The Thunder Bay Police Service’s Economic Crime Unit urges residents to do their due diligence before engaging in any cryptocurrency investment, including seeking credible financial advice and using reputable exchanges. Residents are also encouraged to speak to family members and friends who may be vulnerable to being targeted by this type of scam.


If you are concerned about potential scams and want to learn more, please visit https://www.thunderbaypolice.ca/safety/fraud-prevention or contact the Canadian Anti-Fraud Centre (http://www.antifraudcentre-centreantifraude.ca/)


To make a fraud/cyber crime online report to the Thunder Bay Police Service, please visit: https://www.services.tryrubicon.com/thunder-bay-police-service/online-reports/report/fraud-cybercrime

August 2, 2025
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August 2, 2025
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August 1, 2025
The Thunder Bay Police Service is continuing to provide advice to the public on how to avoid being victimized by fraud. Police are encouraging people to take steps to safeguard their accounts to prevent potential scammers from gaining access. One important way to keep accounts secure is to protect ID and password information. Some recommended best practices include choosing a strong password with a combination of numbers, letters and symbols, and to use unique passwords for financial, email, and social media accounts. As well, it’s important to regularly monitor financial accounts to be able to detect any nefarious activity as quickly as possible and to report any breaches to your financial institution immediately.  The Thunder Bay Police Service’s Economic Crime Unit urges residents to speak to family members and friends who may be vulnerable to being targeted by fraud. Prevention is the best protection against fraud. If you are concerned about potential scams and want to learn more, please visit https://www.thunderbaypolice.ca/safety/fraud-prevention or contact the Canadian Anti-Fraud Centre ( http://www.antifraudcentre-centreantifraude.ca/ ) To make a fraud/cyber crime online report to the Thunder Bay Police Service, please visit: https://www.services.tryrubicon.com/thunder-bay-police-service/online-reports/report/fraud-cybercrime