New Zealand Police Warn of Online Scams After Crypto Investor Loses Over $200,000 to Fraud

New Zealand Police Warn of Online Scams After Crypto Investor Loses Over $200,000 to Fraud

ICO News
October 3, 2018 by XNews Editor 5
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After news goes viral that an investor lost $320,000 NZD ($ 213,000) to crypto fraudsters through an online scam, New Zealand police have made the public cautious, as per Canterbury police on Wednesday, September 26. In the town of Canterbury, an official statement has been displayed on the police’s website and stated that the organization
Bitcoin-Crime zew zealand

After news goes viral that an investor lost $320,000 NZD ($ 213,000) to crypto fraudsters through an online scam, New Zealand police have made the public cautious, as per Canterbury police on Wednesday, September 26.

In the town of Canterbury, an official statement has been displayed on the police’s website and stated that the organization in return offered “extremely good returns” to the small investor who took the risk of multiple investments in an online cryptocurrency scheme.

It delivers: “Canterbury Police are reminding people to be vigilant of online scams and think twice before sharing private information after a victim lost $320,000 of their life savings. The scam involved investments into cryptocurrencies, such as Bitcoin.”

When investments discontinued due to the lack of returns, this provoked the scammer to interact with the investor personally, leading the investor to spend more funds through the website.

“Members of the public should seek advice before making any online investments they are unsure of,” Senior Sergeant Paul Reeves mentioned, adding:

“Scammers are extremely persistent and can seem very credible, as they are highly versed in their trade.”

The police report ended up with more links pertaining to information about cryptocurrency security.

Geoff Bascand, The Deputy Head of New Zealand’s Reserve Bank, specified in July that the country could soon make its own form of digital currency, but also warned about the challenges involved.

“A digital currency is easier and faster to distribute around the country than banknotes because it doesn’t need to be transported,” he said. “But there would be new infrastructure costs if a central bank digital currency were introduced.”

Similarly, UK investors were warned by the FCA of a pair of crypto scams functioning in the summer, disclosing the public “if it sounds too good to be true, it probably is”. This comes at a time when the number of crypto scams has risen sharply across the board.

In the previous week, Tesla and SpaceX CEO Elon Musk also took the initiative to approach Jackson Palmer, the founder of Dogecoin (DOGE), for support in ending cryptocurrency scammers on Twitter.

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