AURORA, Ont. - Police say more than 40 York Region residents have fallen victim to a Bitcoin tax scam, sending over $300,000 to fraudsters since August.
Police say they have seen a significant increase in reports of scammers identifying themselves as employees of the Canada Revenue Agency.
The suspects tell victims they have overdue taxes to pay, and threaten them with arrest if they don't settle up.
In recent months, the scammers have gotten victims to send them money using the virtual currency Bitcoin.
Officers say Bitcoin transactions are unregulated and untraceable, making it difficult to investigate the frauds.
York police have advised the public that any calls or emails asking for Bitcoin tax payments should be treated as a scam.
