The Sarnia Police Service is reminding residents to remain vigilant when it comes to investing in cryptocurrency.
The warning comes as the police service continues to receive complaints from people who have fallen victim to various Bitcoin scams.
Police said anyone can be victimized, but fraudsters tend to target the elderly with large amounts.
"If you are not a seasoned investor, unfamiliar with cryptocurrency, or face challenges with the use or complexity of today's technology, proceed with extreme caution when making financial decisions involving these areas," police said a news release. "When in doubt, do not make any decisions or take any action until you seek advice from a qualified or trusted advisor."
Police are providing tips to prevent residents from being vulnerable.
Residents are being told to watch for red flags for fraudulent activity.
Police said you will never be asked to send Bitcoin to avoid arrest, pay taxes or clear a debt, another red flag is if a stranger or online friend promises high returns from a Bitcoin investment and being asked to scan a QR code at a Bitcoin ATM or transfer crypto quickly.
Residents are reminded that police and government will never ask for payment in Bitcoin, avoid clicking suspicious links, be careful with tech support or fraud calls, don't trust online strangers, do your research before investing and resist high-pressure tactics.
According to police, cryptocurrency transactions are nearly impossible to track.
Officers remind those investing if something feels off to stop and seek advice before sending money.
"Unfortunately these crimes are very difficult to investigate, often transcending international borders. The possibility of recovering lost funds is extremely low," a news release said. "The best course of action is prevention, and to not fall victim to this type of fraudulent activity."
Anyone looking for more information can go to the Canadian Anti-Fraud Centre's website.