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Bitcoin-based tax fraud ramping up in Canada, expert says

Published 1 year ago

Bitcoin-based tax fraud ramping up in Canada, expert says

IT World Canada via itworldcanada.com

Fraud campaigns during tax season are nothing new, but according to the VP and country manager for Symantec Canada, it’s at an “all-time peak” in Canada, and fraudsters have fallen in love with a new tool: Bitcoin. “Bitcoin machine operators [in Toronto] are telling us that almost every person coming in to use Bitcoin, are using the machine to pay their taxes..

But more recently, victims are no longer being asked to use their credit card to transfer the money, but instead, are directed to withdraw money from their bank accounts, visit a nearby Bitcoin machine and deposit the money into the system. The machine converts the cash to Bitcoin – currently valued at approximately $11,000 CAD – and transfers the funds to the caller..

Toronto Police issued a statement January warning residents of a fake CRA scam that asked people to pay taxes with Bitcoins. “Police are reminding people that the CRA does not ask for Bitcoin payments, send QR codes to request payments or send police officers to arrest people for immediate non-payments,” the statement read..

I can’t stop you from going to a Bitcoin machine and putting in money,” he says. ITWC contacted several convenience stores with Bitcoin machines, requesting comment on this story..

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