Police warning public about Bitcoin scam




On May 12, 2021, Waterloo Regional Police received a report of a fraud involving a Bitcoin scam. 

The victim advised that they received a phone call from someone who stated that they were a police officer and their Social Insurance Number (SIN) had been used in a black market crime. The victim was also told that they would face serious criminal charges if they did not do what they were instructed to. 

The victim was told that all of the money from their bank accounts was going to be taken because of the black market crime, and to protect their money, they would need to withdraw all of it. 

The victim was instructed to attend a bank and withdraw their money from their account. Further, the fraudsters told the victim not to speak with anyone, and they would remain on the phone with the victim while they completed the withdrawal. 

After the victim had completed the transaction, they were instructed to deposit the money into a Bitcoin ATM, and the victim would receive their money the next day by cheque. 

The victim later realized that they had fallen victim to a scam. 

Members of the public are advised to be cautious when it comes to Bitcoin-related requests. Accredited businesses, government and law enforcement agencies will NOT:

  • call you and ask for personal information while threatening to arrest you if you do not comply;
  • negotiate payments over the phone; or
  • accept Bitcoin as payment

If you have been a victim of a scam and suffered a financial loss, please report the incident online at www.wrps.on.ca/onlinereporting or call our non-emergency number at 519-570-9777. 

If you received one of these calls/messages but did not experience a financial loss, please contact the Canadian Anti-Fraud Centre at 1-888-495-8501 or visit www.antifraudcentre-centreantifraude.ca.

For more information about scams and frauds in various languages, please visit: