New Zealand Police Issues Crypto Warning after Investor Gets Robbed in Online Scam

Canterbury police have warned the public about online scams after a cryptocurrency investor was defrauded of more than $200,000.

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The New Zealand police have warned the public about online scams after a fraudulent cryptocurrency scheme robbed an investor of NZ$320,000 ($213,000).

In a news release issued via its official website, the Canterbury police department advised the public to remain vigilant and be wary of sharing private information online. Without disclosing specific details about the case, the report also confirmed that the scam in question involved a cryptocurrency investment. It “grew as more money was deposited, but soon began to decline,” and the victim was contacted by the scammer to invest more money, which they did via the website.

Warning the public to steer clear of any investment that seemed too good to be true, Senior Sergeant Paul Reeves said:

“Members of the public should seek advice before making any online investments they are unsure of. Scammers are extremely persistent and can seem very credible, as they are highly versed in their trade.”

The news release also provided a link to a post about cryptocurrency security on the official website of New Zealand’s Computer Emergency Response Team (CERT).

Rampant crypto-related scams have put regulators worldwide on high alert, and countless advisories have been issued to protect unsuspecting users from losing their digital assets.

While cryptocurrencies seek to replace fiat money in many ways, they are far from user-friendly. Their underlying technologies may be consistently improved for security and scalability, but the issue lies in their usability – the need to download multiple wallets, protect private keys, and utilize security features like 2FA can be daunting for newcomers and non-tech savvy users.

Given how these issues leave crypto users vulnerable to being hacked and losing their assets, there is a clear need for more education, awareness, and user-friendly interfaces.

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