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Bitcoin Scams in Canada 2021: What You Should Know to Stay Safe

Cryptocurrency represents exciting possibilities, but there are also many scams connected with digital currency to watch out for. Bitcoin scams in Canada 2021 are already happening at the quick rate they were occurring in 2020 and follow many of the same patterns. 

There are numerous examples, including social media scams, investment fraud targeting Canadians, and extortion. The BBB reported 148 million inquiries about bitcoin products and investments, which sounds out the alarm for Bitcoin scams in Canada 2021. 

In this risky environment, you need to stay safe if you use bitcoin. Trader Defense Advisory experts will help you evaluate whether a bitcoin opportunity is legit or fake. If you have lost money to a bitcoin scam, contact TDA experts who are experienced in dealing with cryptocurrency scams and can help you seek redress for your claims. 

Why Is Bitcoin Often Associated with Scams? 

Bitcoin and other cryptocurrencies are purely digital. They do not have physical money associated with them or central regulation. This means there is little recourse for those who have lost their money through bitcoin scams. Transactions done with bitcoin can be difficult to reverse, which can make customers and clients feel stuck.

Although there is recourse for those who have lost money in Bitcoin scams in Canada 2021, it is important to use caution when dealing with bitcoin. Never share your password, which will enable others to steal your bitcoin. Avoid purchasing bitcoin wallets or apps from any seller who is not verified. Be aware of the risk and the lack of regulation and know that TDA is here to help if you become a target of a bitcoin scam. 

Bitcoin Blackmail

This scam sounds like something out of a thriller on Netflix, but unfortunately, it is all too real. The Canadian Anti-Fraud center released an alert that many people in British Columbia are being targeted in bitcoin-related extortion. Extortion bitcoin scams in Canada 2021 unfortunately are growing. 

The extortionist will send a message or an email claiming they have hacked into their computer, have found compromising photos or documents, or filmed them visiting adult websites and will expose them on social media if they do not pay them a certain amount of money in bitcoin. 

In many cases, the claims that they have hacked into their computer and found compromising photos or filmed them is false. It is amazing, also, how many people end up paying these extortionists even though they know they have no compromising material. Still, they are worried about photoshop or deep fake videos and sometimes pay the bitcoin anyway. 

This is an example of negative reinforcement as a way of scamming people, instead of promising to make them tons of money in a phony investment. Fear, sadly, can often be a great motivator, even if the recipient knows the extortionist is probably bluffing. Plenty of people are scared that someone will steal their information, which is the reason why many fall for extortion bitcoin scams in Canada 2021. 

Phone Bitcoin Scams

Although most of the Bitcoin scams in Canada 2021 happen online, some are occurring on the phone. There is a grocery store in Winnipeg with a bitcoin machine that made users vulnerable to phone scams selling fake bitcoin or ask them to invest in phony schemes. One single mother reported she lost her entire life savings through a phone scam after using the machine.

Wallet and App Scams

One of the most common bitcoin scams in Canada 2021 and around the world is selling a fake bitcoin wallet or app. Someone who seems to be local but is actually using a fake social media identity may persuade you to purchase a bitcoin wallet or app or may post a link on a group. When you click on it to download, it will download malware on your computer and device instead. 

What to Do If You Have Lost Money on Bitcoin Scams in Canada 2021.

If you have been the target of bitcoin scams in Canada in 2021, such as phishing, a cryptocurrency investment scam or are dealing with an extortionist asking for bitcoin, contact Trader Defense Advisory. Our team of experts has vast combined experience dealing with cryptocurrency scams and advocate for our clients. Consult with us and we will create a claim and help you get started on the path to retrieving your funds.

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