About

Important information

• Additional Info:

  How victims get lured in
  
  Victims shared in their reports to BBB Scam Tracker that they engaged with the fraudsters in various ways, including through:
  
  Recommendations that seemed to come from a friend on social media;
  Unsolicited emails;
  An online ad promoting a fake cryptocurrency website with glowing customer reviews;
  Sponsored ads spoofing legitimate cryptocurrency websites (Example: coinsmarts.pro - a cryptocurrency exchange company based in Ontario versus www.coinsmart.pro - a fake (now removed) website that tricked a Calgary resident out of $8400);
  Pop-up ads promoting special cryptocurrency giveaways from celebrities like Elon Musk; and
  A private message on sites like Facebook, Instagram and LinkedIn from fake profiles designed to look professional, legitimate and trustworthy. Scammers pretended to be forex traders, senior executives for legitimate and fabricated investment companies and even fake investor references
  
  BBB is recommending the following tips to avoid being a victim of a cryptocurrency scam:
  
  Research opportunities before investing. Check the registration status, general information and employer profiles of the people and firms that contact you about any potential opportunities. Visit the Canadian Securities Administrators (CSA) website and review their SEDAR database. People can also visit the BCSC website for local support. Remember, the fact that a company has registered its securities or files reports with the CSA and BCSC does not mean that the company will be a good investment in general--or the right investment for you.
  
  Get details on potential job opportunities. Before you say yes to any job, research the company that wants to hire you. Search for what others are saying about their experience with this company. Find out what you will be required to do in the role. Be wary if they offer to hire you without an interview, pay you before you have done any work or ask you to use your personal account to carry out transactions. None of these actions are typical of a reputable business or company.
  
  Say no to unsolicited and internet-based investment offers. Even if the opportunity seems low risk or comes recommended from a friend, do not enter into a scheme without research, as those you trust may also be unwittingly participating in a scam.
  
  Think twice about guarantees. Be suspicious of anyone who makes guarantees that an investment will perform a certain way. Also, be wary of pushy sales pitches that encourage you to "act now."
  
  Avoid unsecured investment platforms. Remember that if a platform does not take sufficient measures to properly secure and store your assets and/or personal information, you may lose more than just your investment.
  
  Read more about cryptocurrency at BBB.org/Crypto.
  
  Always look for businesses that follow BBB Accreditation Standards and BBB Standards for Trust.
  
  If you are the victim of a scam, report your experience to BBB Scam Tracker. Your report can help others to stay informed and avoid similar scams.