The Ontario Provincial Police Cyber-Enabled Fraud Team is warning the public about the risks of engaging private cryptocurrency tracing companies to recover funds lost to cyber-enabled fraud due to the increase of recovery scams.
Some cryptocurrency tracing companies are not legitimate and target individuals who have already been victims of fraud, claiming they will be able to help get their money back. They may ask for payment for their services, resulting in further losses.
While some legitimate companies do provide cryptocurrency tracing services, it’s important to understand their limitations. These companies lack the legal authority to freeze or seize funds. Reports generated by some of these companies may not be suitable in court or at trial. Victims may face high fees for reports that ultimately direct them to seek help from law enforcement. These reports can also include inaccuracies, errors, or oversimplifications.
It is recommended to always exercise caution and ensure thorough research before engaging in these services.
If you’ve been a victim of cyber-enabled fraud, your first step is to report it to your local police service. The police have access to reliable cryptocurrency tracing tools designed for investigative purposes. Police must rely on law enforcement generated reports for conducting investigations.