Barrie police say an elderly man is the latest victim of an online cryptocurrency investment scam. According to police, the scam began in February of 2025, when the victim, a 78-year-old man, began communicating with someone who contacted him through social media. Police say the scammer developed a relationship with the victim through online communication over several months. Despite never meeting in person, police say the victim believed they had a “true connection.” The scammer then convinced the victim to get involved in cryptocurrency investment and got access to the victim’s accounts. According to police, the scammer transferred substantial amounts of money out of the elderly man’s account on multiple occasions. Police say the money was transferred into cryptocurrency accounts that the victim had no access to. The victim remained convinced the transactions were done in his best interest, police say. In total, the victim is believed to have lost $200,000 in the scam, but police and the victim’s bank were able to recover almost $135,000. Police believed much of the money was transferred outside of Canada, which makes it extremely difficult to recover. Police are reminding residents to be wary, as they say investment scams may use romance, social media, artificial intelligence and false celebrity influence to gain a victim’s trust. Scammers will often prey on the vulnerabilities of people and are willing to develop a relationship with “endless promises” to entice victims and maintain their interest. Police say if an investment opportunity sounds “too good to be true,” residents are encouraged to take five minutes and tell two people before making a decision.
