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Weyburn police warn of increase in Bitcoin scams

A sign for the City of Weyburn can be seen in this file photo. (David Prisciak/CTV News) A sign for the City of Weyburn can be seen in this file photo. (David Prisciak/CTV News)
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Weyburn Police are reporting an increase of Bitcoin-related fraud in their community — and warning members to be on the lookout for similar scams.

On March 21, the Weyburn Police Service (WPS) received a report of Bitcoin fraud.

The fraud saw the victim request a withdrawal of Bitcoin from a “service provider.”

The provider directed the victim to provide banking information for depositing funds into their bank account. The victim then discovered a significant amount of money was withdrawn from their account.

In its weekly update, the WPS revealed it’s seen an increase of reported Bitcoin fraud.

The service reiterated that prospective investors should only use registered and regulated financial institutions.

Some obvious signs of scams include the promise of high returns with little to no risk, pressure or manipulation tactics, and the requirement to provide personal and financial information such as account numbers and access codes.

The use of social media to communicate, as well as claims of “insider” information regarding new investment opportunities are other potential red flags.

More information on investment scams and how to protect yourself can be found at Saskatchewan’s Financial and Consumer Affairs Authority (FCAA).

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