Cryptocurrency fraud on the rise: RCMP [Video]

Wood Buffalo RCMP are warning residents to be aware of an increased amount of cryptocurrency scams happening in northern Alberta.

Police said in a Tuesday news release cryptocurrency scams have been on the rise throughout December and victims have lost more than $55,000.

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According to reports, social media advertisements claiming to be employment or investment opportunities have played a large part in defrauding people.

Victims were asked to deposit or buy cryptocurrency in order to fulfill investments and job applications.

In some cases, scammers called victims stating their online shopping accounts have been compromised and were told to go to “specific cryptocurrency ATMs” to deposit money to “manage their compromised accounts.”

Mounties said the scammers would stay on the line with their victims to guide them through the process.

RCMP said there are ways to prevent fraud, including:

• not responding to personal solicitations from unsolicited phone, email or social media investment offers;
• not clicking on links sent through unsolicited …