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Fraud Prevention

Have you received a call from someone demanding payment in Bitcoin?

Have you received a call from someone saying they can reverse your Bitcoin transaction?

Has someone asked you to buy or sell Bitcoin for them?

STOP: You could be the victim of fraud

Before buying Bitcoin for someone else, please take some time and ask yourself: "Is this a scam?"

Instacoin advises the public of a notable increase in fraudulent phone calls and emails directed to Canadian citizens by scammers posing as the Canada Revenue Agency (CRA), police agencies or other goverment agencies, and prospective employers in an attempt to extract payment or get you to buy Bitcoin for them.

Do not send Bitcoin in response to such requests.

You could be the victim of fraud or the target of criminal prosecution. Criminals are always seeking new ways to gain access to cash or to use third parties to move property or conceal transactions.

We encourage you to contact a friend, family member or the police to tell them about the call you received. The police will not arrest you over tax balances or missing immigration forms.

If you receive one of these calls, hang up.

The displayed number may look like the CRA or a police agency, but fraudsters use technology to hide their real number. Do not give the caller any information and report the fraud to the police.

How to recognize a scam

  • Real government agencies and lawyers will never ask for payment in Bitcoin.
  • The caller threatens arrest due to tax dept, an immigration problem or pretends to be holding a family member in jail until money is sent.
  • The caller tells you what to say at the money transfer location when you are asked why you are sending money.
  • You are asked to receive money from an unknown bank account then withdraw the money to buy Bitcoin.

Things to know before buying Bitcoin for someone else

If you are considering buying or selling bitcoin for someone else, consider that you will have no practical recourse if money promised to you as a fee or commission isn't paid or if a cheque or money transfer is cancelled or reversed leaving you with a loss.

Your contact might be a criminal or working for criminals. If you haven't verified their identity and the purpose of their transactions you could be abetting or committing money-laundering, a criminal offence.

Instacoin operates a bitcoin payment service. Like other network providers, Instacoin is not responsible for your actions on the network.

Instacoin cannot help you if you deal with someone or for a purpose that you haven't taken the steps to verify.

Remember: bitcoin transactions are irreversible.

Common Scams

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