Scammers in Canada Tricked a Senior into Transferring a Large Sum via Crypto ATMs

In the latest edition of our news feed, Coinmooner believes it is essential to share with our readers a disturbing story that occurred in the Web3 space in Canada. Although such incidents are unpleasant, we believe it is essential to discuss them to warn others and emphasize the importance of digital awareness and caution.

According to information from law enforcement in Oceanside, scammers pretended to be officers from the local branch of the Royal Canadian Mounted Police (RCMP). Using the excuse of a “leak” of a Social Insurance Number, they convinced an elderly citizen that his personal information had been compromised. This number is required to access various government services, including tax reporting, pension payments, and social programs. Taking advantage of fear and trust, the scammers built a carefully planned deception.

Crypto Fraud in Oceanside: Years-Long Scam Drains Retiree’s Life Savings

Over several years, the criminals slowly convinced the victim to transfer his savings through crypto ATMs to supposedly safe accounts. They claimed this was necessary to protect his funds and ensure safe communication with government institutions. Under the mask of care, they pressured the man into sending them a large amount of money — savings he had put aside for retirement. This case demonstrates once again how clever scammers can exploit emotions and uncertainty, particularly in elderly individuals who lack extensive knowledge of digital technologies.

As the Oceanside police explained, these kinds of scams are becoming increasingly sophisticated. Criminals exploit the trust and lack of technical expertise that older people often possess. Victims usually truly believe they are dealing with official government agencies. A year earlier, another resident lost approximately $20,000 in a similar scam, in which criminals promised to “recover” his cryptocurrency assets. In the city of Nanaimo, two individuals lost a total of $17,000 in just one day after falling victim to a Bitcoin-related fraud scheme.

Due to this, Coinmooner strongly advises everyone in the crypto community to exercise extreme caution. In the rapidly evolving Web3 industry, it is crucial to utilize the most up-to-date tools to safeguard your data and finances. Remember: only a thoughtful and careful approach can protect you in a world where the line between innovation and fraud can be skinny.