LaSalle police are cautioning locals about a series of scams that are offering “unbelievable investment possibilities” or lottery winnings. As of now, three reports have been filed involving these financial scams for a total loss of over $1 million.

In the last month, reports have been made regarding these fraudulent offers that are sent through unsolicited emails, texts and phone calls. Two of the cases involved victims investing into a false digital currency agency, while the third was a “simple lottery scam.”

Cryptocurrencies are digital assets or currencies, such as Bitcoin, that can be used as a medium of exchange, and the record of ownership is generated and kept through a decentralized system of cryptography, such as Blockchain. The victims in the first two cases were instructed to send more money to cover “withdrawal fees” after attempting to draw out their supposed quickly rising investments.

Unfortunately, the victims have not received their investments back, leaving them with nothing but the “fees” they had to pay for their money. The third case was a lottery scam, where a victim was told that he had won a $1 million prize and was then asked to pay for damages before receiving the winnings.

Investigators have ascertained that the scammers acquired large sums of money from their victims through wire transfers, deposits and prepaid credit cards, but the promised “profits” never materialized. There was always a new fee or issue that required to be settled before any rewards could be given.

Police are reminding residents that if something appears too good to be true, it in all likelihood is. They are likewise encouraging everyone to do the necessary research before investing or giving money to any entity.

In the majority of cases, victims may not be able to recuperate their money, as it is hard to track cryptocurrency and wire transfer frauds. LaSalle police are urging people to consult with a reliable financial advisor or family member before parting with their hard-earned money.