Guelph man who lost over $750K in crypto fraud loses another $12K: police

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A Guelph man, who police say had already lost over $750,000 in a cryptocurrency fraud, has lost another $12,000.

The man in his 60s reported the new fraud to police on Friday. He was contacted by someone who claimed they could help him recoup some of the losses from the earlier fraud.

Police say the man created an account at an online bank account and downloaded an app, which gave the scammer access to his cellphone.

Over $12,000 was transferred out of his account across two weeks.

Police say these types of crimes are difficult for them to investigate and the chances of getting the victim’s money back are very low.

They’re advising people to be wary of individuals met on social media who attempt to convince you to invest in cryptocurrency, verify investment companies using the Provincial Securities Regulator or the National Registration Search Tool, and question when someone is reaching out about an investment offer.  

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