Police are warning people about scammers who are targeting users of cryptocurrency wallets and accounts, by impersonating police officers and cryptocurrency company representatives.

Over the past few weeks, victims have reported scams which have resulted in millions of dollars in losses.

Detective Inspector Stuart Mills said in a statement that the scammers were posing as police detectives, often claiming that the victim’s details, information, or identity documents had been found on a person who had been arrested.

“The fake detective directs their questions towards establishing if and how the victim holds cryptocurrency, before arranging for a fake representative from the cryptocurrency company…