Common Scams

Bitcoin4U does not make outbound phone calls. If you received a call from someone claiming to be from Bitcoin4U it is a scammer.

Fake Investment Websites

A bitcoin fake investment scam is a type of scam in which fraudsters entice individuals to invest in a fake bitcoin investment opportunity. These scammers may use various tactics to make the investment appear legitimate, such as creating fake websites, providing false documentation, or using a fake company name. They may also use high-pressure sales tactics, such as time-limited offers or claims of high returns on investment.

The scammers may ask victims to send bitcoin or other cryptocurrency to a specific wallet address or to transfer it to a supposed "company" account. Once the victim has invested, the scammer will then disappear with the victim's money, leaving them with nothing in return.

It is important to be cautious of any investment opportunity, particularly those involving bitcoin or other cryptocurrencies. It's important to do your own research and verify the legitimacy of the company and the investment before investing any money. It's also important to be aware that investing in bitcoin or other cryptocurrencies is a high-risk investment, and it's important to understand the risks and volatility of the market before making any investment decision.

Common indicators that these sites are scams are:

• Unrealistic gains promised
• Lack of internet presence (site cannot be found via google - you can only find it by entering the URL directly)
• No physical presence in Canada - these sites often list addresses in the UK or Europe
• Only allow funding via Bitcoin - other funding methods with fiat are unavailable
• Site introduction is made by a person online - dating websites, Facebook and Instagram are the most common. There are also often fake YouYube listings, often claiming to feature Elon Musk or other famous indivduals. Sometimes this will start with an unsolicited phone call claiming you have filled in a form
• You have a "broker", "agent", or "agent" who is helping you to "invest"
• When you want to withdraw your funds, you need to pay more in first

Here are some scam sites that we are often seeing (there are many more that we do not list):

• Anything claiming to involve Elon Musk
• FCA - Financial Conduct Authority
• GlobalFX
• Quantum AI
• Fake Coinmarketcap Accounts
• Trade Galactica
• OnyxTraders
• Fake Blockchain.com accounts
• Altercoin

Pay-to-Receive Scams

A Pay-to-Receive scam is a fraudulent scheme that involves a victim paying a fee or investment to receive a reward, service, or product, only to find out that the reward or service never materializes or the product is subpar or fake. In the case of Bitcoin, scammers may ask the victim to pay a fee or make an investment using Bitcoin, claiming that it is the only accepted form of payment for the reward, service, or product. However, once the payment is made, the victim never receives the promised reward, service, or product and has no way to recover the Bitcoin.

Examples of Pay-to-Receive scams using Bitcoin include fake investment opportunities, lottery or prize scams, work-from-home scams, and online dating scams. In these scams, the scammers will often use false information, fake websites, and fraudulent email addresses to create a sense of legitimacy and convince the victim to make a payment.

It is important to be cautious when presented with an opportunity that requires an upfront payment, especially if it involves Bitcoin. It is always a good idea to thoroughly research the company or individual before making a payment and to be wary of promises of guaranteed returns or easy money. Additionally, it is important to never send money or Bitcoin to someone you do not know or trust and to be wary of unsolicited requests for payment or investment.

Scam Recovery Scams

Scam recovery scams are a type of fraud that targets people who have already lost money or assets to another scam. The scammers claim to be able to help the victims recover their losses, but they ask for an upfront fee or personal information first. If the victims pay or share their details, they end up losing more money and exposing themselves to identity theft.

Scam recovery scammers may contact their victims by phone, email, text, or social media. They may pretend to be from a government agency, a consumer protection group, a law firm, or even the original scam company that cheated the victims. They may use information from previous scams to sound convincing and trustworthy.

Some of the common signs of a scam recovery scam are:

• The scammer contacts you out of the blue and offers to help you get your money back or access your online accounts.
• The scammer asks you to pay an upfront fee, such as a retainer, processing fee, tax, donation, or shipping charge.
• The scammer asks you to provide your financial account number, personal identification number (PIN), password, or other sensitive information.
• The scammer pressures you to act quickly and not to tell anyone else about their offer.
• The scammer want to install software on your device and/or access your banking, claiming they need to do this to link your bank account so that you can receive your funds back

If you encounter a scam recovery scam, do not respond or engage with the scammer. Hang up the phone, delete the email or text message, or block the social media account.

Romance Scams

A romance scam is a type of scam in which a fraudster creates a fake online identity, often using a stolen or fabricated online profile, in order to trick someone into a romantic relationship. The scammer typically uses social media or dating websites to contact their victims and build a relationship with them. Once they have gained their victim's trust, the scammer will then ask for money, often claiming to be in financial trouble or to need money for travel or other expenses related to the relationship. They may also ask for personal information, such as banking details or social security numbers. It is important to be cautious when meeting people online, and to be wary of anyone who asks for money or personal information early in a relationship.

Employment Scams

An employment scam involving bitcoin is a type of scam in which fraudsters use the promise of a job or employment opportunity to trick individuals into investing in bitcoin or other cryptocurrencies. The scammer may contact victims through a job posting or by email and offer a position that requires the victim to invest in bitcoin, typically claiming that the investment will be used to purchase equipment or supplies for the job, or that it is a requirement for the position.

In some cases, the scammer may ask victims to send bitcoin to a specific wallet address or to transfer it to a "company" account. The scammer may also provide fake documents or paperwork to make the investment opportunity appear legitimate.

It is important to be cautious of job offers that require an investment or that involve bitcoin or other cryptocurrencies. Always verify the legitimacy of the employer and the job opportunity before investing any money or sending any bitcoin. It's also important to note that investing in bitcoin or any other cryptocurrency is a high-risk investment and it's important to understand the risks and volatility of the market before making any investment decision.

CRA / Police Scams

A CRA scam is a type of scam in which fraudsters impersonate officials from the Canada Revenue Agency (CRA) and/or police in order to trick individuals into providing personal and financial information or paying money. These scammers typically use tactics such as phone calls, emails, or text messages to contact their victims, and may threaten legal action or arrest if the victim does not comply with their demands. It is important to be aware of these scams and to never provide personal or financial information or pay money to someone claiming to be from the CRA without verifying their identity first. The CRA and government agencies do not accept payment in cryptocurrency.

Utillity Scams

A utility scam is a type of scam in which fraudsters impersonate utility company representatives in order to gain access to personal and financial information or to convince victims to pay money. The scammers may contact victims by phone, email, or in person, and may claim that there is an issue with their utility account, such as a past-due bill or a potential shut-off. They may also offer a fake "discount" or "rebate" for paying a supposed bill early.

In some cases, the scammers may ask for personal or financial information, such as a Social Security number, a bank account number, or a credit card number. They may also ask victims to purchase Bitcoin or a prepaid debit card or wire money in order to pay a supposed bill.

It is important to be cautious of unsolicited requests for personal or financial information, and to verify the identity of anyone claiming to represent a utility company before providing any information or paying any money. Always hang up and call the number on your bill or on the company's official website to confirm the legitimacy of the call.

Utillity companies do not accept payment in Bitcoin.

Remember, if something seems too good to be true, it probably is. Stay vigilant and don't let yourself fall victim to a cryptocurrency scam.