Calgary

Warning poster foils $90K Bitcoin scam in Red Deer, RCMP say

A warning sign posted on a Bitcoin ATM could be what prevented losing $90,000 to a scam, Red Deer RCMP say. 

Victim nearly deposited life savings of $90,000 into scammers' account at Bitcoin ATM

Police say a warning sign posted on a Red Deer Bitcoin ATM may have prevented a man from becoming a victim of fraud and losing his life savings. (Rafferty Baker/CBC)

A warning sign posted on a Bitcoin ATM could be what prevented losing $90,000 to a scam, Red Deer RCMP say. 

On Friday, Mounties began an investigation after a man reported that he received a phone call from scammers pretending to be from the Canada Revenue Agency and the RCMP. 

The culprits told the man his identity had been compromised and that those responsible were involved in money laundering.

He was told he must deposit his life savings of $90,000 into a Bitcoin account, which was actually controlled by the scammer.

"The victim went to the Bitcoin machine as instructed by the scammer, but the RCMP warning poster and the vigilance of an employee at the business prevented the victim from completing the transaction," police said in a release. 

"No government agency, the RCMP, nor any reputable business will ever call you and demand a payment through Bitcoin for any reason."

Police want to remind the public that Bitcoins, an unsecured and non-refundable form of cryptocurrency, are not issued or guaranteed by any bank or government and are not considered legal tender in Canada. 

For more information on the latest frauds affecting Canadians by mail, email, phone or in person, check the Canadian Anti-fraud Centre website.

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