Canadians are losing millions in crypto to fraudsters. Here is how to spot red flags [Video]

Canadians are losing millions of dollars in cryptocurrency fraud schemes and at least one Ontario detective specializing in the area predicts such scams will soon outpace wire transfers as the largest payment method used by fraudsters.

Ontario Provincial Police are warning potential cryptocurrency investors to do more to protect themselves as the digital currency’s popularity grows.

OPP Det.-Const. John Armit with the anti-rackets branch says crypto scam cases are difficult for police to solve because the currency can be quickly sent to exchanges in different jurisdictions around the world that may or may not be willing to cooperate with police in the province.