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Fraud Warning: Employment Scam

Instacoin advises the public of a notable increase in fraudulent emails, ads and phone calls directed to Canadian citizens by scammers posing as would-be employers in an attempt to transfer money to you and get you to send Bitcoin. Do not send Bitcoin or provide any information in response to such requests. We encourage you to contact the police if you receive such a call.

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.

How can you tell if you are the target of this type of scam?

  1. You are offered a job without needing to perform an in-person interview with your would-be employer.
  2. You are asked to receive money from them via Interac e-Transfer.
  3. You are instructed to withdraw a portion of that money—the remaining amount being your compensation or commission—and to use it to purchase coins at a Bitcoin ATM and send it to their wallet address.

The money you received in this situation if from an unknowingly-compromised bank account. Once the bank account's holder discovers money missing or the bank discovers the account is compromised, they will report it to their local authorities, and the bank will reverse the transaction. You will be left at a loss, having already withdrawn the money that was sent to you.

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.

Learn more about preventing fraud