Toronto police issue warning about cryptocurrency phishing scam

A logo at the Toronto Police Services headquarters, in Toronto, on Friday, August 9, 2019. THE CANADIAN PRESS/Christopher Katsarov

Toronto police are warning the public about an ongoing phishing scam associated with cryptocurrency exchanges.

Police say the scam involves people searching for their account login page via online search engines.

According to investigators, when people with cryptocurrency stored on an online platform conduct a search to find the login page, they have encountered a sponsored advertisement that mirrors the actual exchange page.

When the user types in their information on the fake page, it captures and records the login details, police say.

The user is then denied access to the page.

"In an attempt to recover the account the user may enter answers to their account recovery questions," police said in a news release issued Wednesday.

"This information is used to transfer assets."

Police are urging members of the public to take proper precautions in protecting their investments.

"As cryptocurrency is decentralized and not regulated, it can be extremely challenging to recover these assets," police said.

Anyone who has been a victim to this type of fraud is asked to call their local police department or the Canadian Anti-Fraud Centre.