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The New Brunswick RCMP is warning the public of an investment scam involving cryptocurrency that is targeting New Brunswickers.

In recent months, the New Brunswick RCMP's Financial Crime Unit has investigated a number of reports of an investment scam involving cryptocurrency in which victims have sustained large losses of money. Victims are contacted by fraudsters by phone or text message, and are offered an opportunity to invest in cryptocurrency and promised a high rate of return.

Once the victim starts to transfer money, the fraudster entices them to continue to invest more through repeated communication. The victim may even be able to withdraw small amounts of their investment. Once the victim asks for a larger withdrawal, they are told they have to pay tax on their investment balance to have the funds released. Once the tax payment is sent, they are told that they will receive their money within twenty-four hours. After this, more excuses are made to convince the victim to send additional funds to the fraudster to release their investment. This will continue until the victim runs out of money or refuses to send more at which point the fraudster stops all communication and the victim never receives their withdrawal.

To help protect yourself from investment scams:

If you are a victim of an investment scam, or any type of scam, please contact your local police department to file a report. Information can also be provided anonymously through Crime Stoppers at1-800-222-TIPS (8477), by downloading the secure P3Mobile App, or by Secure Web Tips at http://www.crimenb.ca.

The investigation is ongoing.

More:
Police warning public of cryptocurrency scam - Royal Canadian Mounted Police