Cryptocurrency has become a popular investment option for many people. However, scammers have found a new way to trick unsuspecting individuals into sending them money through cryptocurrency. In this blog, we will discuss the cryptocurrency scam by phone, how to recognize it, and what to do if you receive such a call.
What is the Cryptocurrency Scam by Phone?
The cryptocurrency scam by phone involves scammers contacting individuals, claiming to be from the Canada Revenue Agency (CRA), and threatening them with an RCMP warrant for their arrest. The scammer then calls back, pretending to be an RCMP officer, and instructs the victim to transfer money from their bank account to cancel the arrest warrant, promising to return the money once their name has been cleared. The scammer provides phone numbers and passwords to deposit money into a local coin machine or cryptocurrency terminal.
How to Recognize the Cryptocurrency Scam by Phone?
The first thing to note is that the CRA does not accept payments by cryptocurrency. Therefore, if someone claiming to be from the CRA asks for payment through cryptocurrency, it is a red flag. Additionally, scammers often use scare tactics to intimidate their victims, such as threatening them with arrest warrants. Therefore, if you receive a call from someone claiming to be from the CRA and they are threatening you with an arrest warrant, it is a scam.
What to Do if You Receive a Call?
If you receive a call from someone claiming to be from the CRA, the best thing to do is to hang up immediately. Do not provide the caller with any personal information or financial information. If unsure whether the caller is legitimate, you can ask for their name and badge number and call the CRA directly to verify their identity.
It is also important to remember that the CRA will never request personal information, such as your social insurance number, over the phone. If the caller is asking for this information, it is a scam.
How to Protect Yourself from Cryptocurrency Scams by Phone?
To protect yourself from cryptocurrency scams by phone, there are several things you can do. Firstly, do not provide any personal or financial information over the phone, especially if you are unsure who you are speaking to.
Secondly, be wary of unsolicited calls, emails, or texts, especially if they request money or personal information. Scammers often use these tactics to trick their victims into sending them money.
Lastly, stay informed about the latest scams and frauds. You can do this by regularly checking the CRA’s website for updates on current scams and frauds.
Cryptocurrency scam by phone is a growing problem in Canada. Scammers are using scare tactics to intimidate their victims into sending them money through cryptocurrency. To avoid this scam, it is important to recognize the signs and protect yourself by not providing personal or financial information over the phone.
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