Red Deer, Alberta RCMP say a sign they posted on a local Bitcoin ATM may have prevented a man from becoming a victim of fraud and losing $90 thousand. Last Friday, officers began an investigation into a phone scam where scammers called a victim and pretended to be from both the Canada Revenue Agency and the RCMP. The victim was led to believe that his identity was involved in a money laundering scheme and the only way to protect his money was to deposit it into a bitcoin account which was actually controlled by the scammers. But a poster from the RCMP, and the vigilance of an employee at the business, prevented the man from completing the transaction.

Bitcoins are an unsecure and non-refundable form of cryptocurrency or, virtual currency. They are not considered legal tender in Canada and are not guaranteed by a bank or the government.

Bitcoin ATMs are becoming more common. There are 26 distributed throughout Saskatchewan Including one in Prince Albert, 12 in Regina and 10 in Saskatoon. They can also be found in North Battleford, and Moose Jaw.