Waterloo residents lost $430,000 to crypto scams this year.

[Moontong 5312]

Waterloo a place in Canada issued a general warning for their residents after having 78 crypto scams, according to the authorities there are already $430,000 has gone so far this year and 28 of 79 happened in July, it seems like the scamming happens so quick.

 

As the report has said, the scammers are impersonating government authorities and they are asking for the people to invest the bitcoin using the bitcoin ATM with the legal ramifications.

The Canadian Anti-Fraud center reported bitcoin-related telephone scams and in the first seven months of 2020 there are already 23,655 reports of fraudsters calling people to ask for bitcoin payment

 

However, not all those reported calls had lost their money, some people have prevented the scam by following some advice on how to avoid being scammed. The good thing here is that the radio television and telecommunication commission is working to trace those phone calls by scammers.

Source: https://cointelegraph.com/news/waterloo-residents-have-lost-430k-to-crypto-scams-this-year/amp

[magd 5231]

Since the emergence of Bitcoin and fraud accompanying digital currencies, many unknown parties are trying to steal currencies. In my opinion, the amount lost by the residents of Waterloo is not large because there was theft of larger sums. I will try to bring a report on the largest fraud and share it with you.

[Swapzone 174]

Bitcoin is decentralized, anonymous and the transactions made here are irreversible. This is the reason why many people use it as a method of scamming.

[Zaino34 0]

One of the negative points of encryption is the large number of fraudsters who rely on many methods of fraud. This greatly affects the use of digital currencies by people and affects their confidence in these currencies, especially since fraud is increasing day by day, so we must be more aware to avoid making such mistakes.

[Moontong 5312]

5 hours ago, BTC Future said:

This is the known IRS call-center scams where scammers pretend to be government officials and use certain scripts to persuade individuals that they own money. It used to be they were asking for gift-cards but lately they've learned about Bitcoin and use this method as well. Eventually, they will get caught as their knowledge on Bitcoin is limited.

They are using the identity of government because they know that they can easily persuade people whenever the person who offers you for investment is related to government, well this scam can be a problem for all the beginners who want to earn money.

[Mwangi 5611]

OH dear what a sad story and turn of events but we hope they are going to be repaid and everything will work out perfectly for everybody so we need to really try to understand what happens when everybody is able to understand work

[Moontong 5312]

45 minutes ago, Mwangi said:

OH dear what a sad story and turn of events but we hope they are going to be repaid and everything will work out perfectly for everybody so we need to really try to understand what happens when everybody is able to understand work

The good thing about this problem is that some authorities are doing their job to fix the problem. I am hoping that when they caught those scammers, they can still turn back the money tha thave lost, even though its seems like impossible.

[Zues 1069]

This is an eye opener for those who are not securing their money and they are not protecting their selves from scams. I hope that many people will learn from this and use this incident to become more aware that scammers are everywhere as long as there is money that they can target. I hope that the scammers will be apprehended and the victims will receive their justice. 

[decemberends 1881]

On 8/26/2020 at 8:13 AM, Moontong said:

Waterloo a place in Canada issued a general warning for their residents after having 78 crypto scams, according to the authorities there are already $430,000 has gone so far this year and 28 of 79 happened in July, it seems like the scamming happens so quick.

 

As the report has said, the scammers are impersonating government authorities and they are asking for the people to invest the bitcoin using the bitcoin ATM with the legal ramifications.

The Canadian Anti-Fraud center reported bitcoin-related telephone scams and in the first seven months of 2020 there are already 23,655 reports of fraudsters calling people to ask for bitcoin payment

 

However, not all those reported calls had lost their money, some people have prevented the scam by following some advice on how to avoid being scammed. The good thing here is that the radio television and telecommunication commission is working to trace those phone calls by scammers.

Source: https://cointelegraph.com/news/waterloo-residents-have-lost-430k-to-crypto-scams-this-year/amp

as people arent so smart sometimes its way annoying to get scammed just to get caused by fakery government guy but however theres alot of scam sites comapred back then which feels bad as many people wanna get successful as others wanna suck the hell outta it,

[Red-Jones 1150]

sorry but i wonder what these people think? someone unknown calls them to talk about investment and promises an absurd return and that person doesn’t think that anyone has a magic stick to reproduce money and that this is undoubtedly a scam? it seems that it was children who were deceived

[rekter 8129]

Did they target Waterloo specifically, or is was this just a story just about waterloo because their government issued a warning about it? It feels like this is happening everywhere right now but i don't know in how many cases scammers are pretending to be governement officials. They would have to be native speakers in many cases to even have a change of success.

[percare 3192]

I have encountered fake giveaway scams and they are very clever. I agree that if someone called me claiming to be from police I would be scared but I would just tell him that I am going to visit the police and fix this immediately. Don't believe anyone calling you. Some of them even threaten and scare their victims. Don't allow them and always report them. They will tell anything to steal money.

[Guru2050 8284]

Scammers are at every where both in Crypto world and outside Crypto community, everyone need to shine his/her eyes and always be extra careful with whatever come his way, to first seek for more understanding before taking final decision of using it.

[Moontong 5312]

18 hours ago, sobuj boss said:

The Canadian Anti-Fraud center reported bitcoin-related telephone scams and in the first seven months of 2020 there are already 23,655 reports of fraudsters calling people to ask for bitcoin payment.

Hello buddy, I know that you are still a beginner of this forum. I wonder why you receive +2 reputation for this post but you just copied my content. Stop doing that thing, you may get banned from doing that 

18 hours ago, sobuj boss said:

 

Edited August 30, 2020 by Moontong

[Ridam 7455]

Is this the another social engineering attack? Or phishing? I'm afraid to say but $43000 isn't small amount of money and there were 79 attacks happened it means those people were holding roughly 544$ ($43000/79). People holding such good amount of Crypto needs to be informed about the possible Crypto attacks and how to be safe from it. 

This attacks clearly shows that people are still lacking information and if Canadian government starts alerting along with small marketing of "How to be safe from Crypto attacks?". Sure It would help to reduce such attacks from happening in near future.

[Omar Ommeish 4872]

These operations increase every day and we must be wary of them because they can cause us to lose a lot of money. I find that the best way to follow is not to respond to all the people who send us via the Internet.

[Mella 3680]

This is horrible. Thanks to you for inform on these scams. I have look and found there are a lot of them in crypto and to be safe we have not to trust anything. But this is not on the internet but someone calls on the phone. This is a scam by people that have no ethics and are criminals that belong in jail.

[Moontong 5312]

On 8/30/2020 at 3:25 PM, Omar Ommeish said:

These operations increase every day and we must be wary of them because they can cause us to lose a lot of money. I find that the best way to follow is not to respond to all the people who send us via the Internet.

We should also avoid entertaining unknown messages from strangers, just ignore them especially if they are talking about money. Some scammers use email to execute the scam. Always be vigilant to avoid being scammed. 

[Syedbesharat 5423]

This is a quit big amount but we can't see any changes in BTC price since July. Looks to me they are just filling their bags and not effecting market. Their are tons of messages I receive after covert-19  about btc investment some say monthly plan, some offer double payment, some offer big amount in case of small fee deposits. But most of the time they are very persistent and wan you to invest in their project. I ignore them and later find most of those account on telegram were deleted. Looks like other people are not like me. So be practice and work in real projects rather then finding ponzi schemes to become rich quickly. 

[Honny143 13612]

2018 later bitcoin scam activities increase and its fact, everyday scammers invented new scam schemes to stolen peoples assets, mostly we heard scammers do scam through online like social media fake projects and other ways, but now they are using phone calls to steal peoples money, its really very bad and I really feels sad for those peoples who loss their money, so pls avoid this type unknown callers.

[Whited35 15285]

On 8/30/2020 at 9:24 AM, Ridam said:

Is this the another social engineering attack? Or phishing? I'm afraid to say but $43000 isn't small amount of money and there were 79 attacks happened it means those people were holding roughly 544$ ($43000/79).

@Ridam As you know, cryptocurrency transaction can not be reversed once that processed by a blockchain network. Attackers are finding this as the best way to loot as their personal information will not be visible while getting paid from the victims. 

[Raqeebzy 6456]

On 8/26/2020 at 4:13 PM, Moontong said:

Waterloo a place in Canada issued a general warning for their residents after having 78 crypto scams, according to the authorities there are already $430,000 has gone so far this year and 28 of 79 happened in July, it seems like the scamming happens so quick.

Repeated scams at short intervals of the similar crypto related? Surely, they might just have find some weakness and vulnerable the residents are susceptible to. Enthusiasm, Greed or information hunger; I don't know what exactly is it but it was played well and perfectly by the scammers painting crypto black in its finest.

[Moaz 7239]

Stealing money from people through scams in the crypto field is a very bad thing and negatively affects the confidence of these people in the world of crypto and cryptocurrencies, and therefore we, as users of cryptocurrencies, must be careful and not respond to any message Or a call from an unknown person 

[annayks 2314]

There have been many different scams and scammers are lately asking to send them bitcoin or other cryptocurrencies. Most of these scams can be avoided but people still fall for that. There is need for education because scammers are stealing money mostly from people that do not have a lot, they exploit old people that don't have their mind in place and they steal all their money.

[Captain Karim 0]

We must beware of those fraudsters, as they invent new methods every day. Most of these fraudsters are smart and have technological expertise. If they used it for good, they would benefit themselves and their communities, but their weak themselves instructed them to turn towards fraud and theft.