Saskatchewan

Saskatoon police warn public of Bitcoin scams with city-wide poster campaign

The Saskatoon Police Service is warning the public about Bitcoin scams. It says it wants to educate residents about fraud prevention with a new poster campaign. 

Bitcoin often requested by fraudsters and scammers as form of payment: police

Crypto-currency is a decentralized digital currency that is not regulated by the government or banks in Canada. (Ints Kalnins/Reuters)

The Saskatoon Police Service is warning the public about Bitcoin scams. It says it wants to educate residents about fraud prevention with a new poster campaign.

According to police, Bitcoin — a form of crypto-currency — is often requested by fraudsters and scammers as a form of payment.

Crypto-currency is a de-centralized digital currency that is not regulated by the government or banks in Canada. If you buy crypto-currency, is exists solely on hard drives. 

Saskatoon police say criminals will direct victims to Bitcoin ATM machines throughout Saskatoon when seeking payment during scams.

A poster from a new Saskatoon Police Service campaign warning residents about Bitcoin scams. (Saskatoon Police Service)

The Regina Police Service launched a poster campaign warning against Bitcoin scams. The Saskatoon Police Service Economic Crime Unit is now doing the same by creating a similar poster.

The poster notifies both victims and store owners that government agencies do not and will not request any payment through Bitcoin.

Saskatoon police say these posters have been placed above or near Bitcoin ATMs throughout the city.

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