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Avoid cryptocurrency fraud by following tips from Richmond RCMP.
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RCMP warns against cryptocurrency frauds
Published 12:34 PDT, Wed April 13, 2022
Last Updated: 1:10 PDT, Wed April 13, 2022
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To date this year, Richmond RCMP has received 22 reports of cryptocurrency frauds that total $2.6 million lost.
“We have one investigation where the victim was reportedly defrauded of $550,000. In this case the victim made a series of investments in what he believed were legitimate foreign exchange companies only to discover he’d been tricked,” says Cpl. Melissa Liu, Richmond RCMP economic crime unit. “These fraudsters know exactly what they are doing and once they have the money it’s easy to move it so it cannot be traced or recovered.”
According to Richmond RCMP, there are three primary trends in reports of cryptocurrency frauds. The reported frauds typically involve fake investment schemes, romance scams, or individuals posing as representatives of a government agency.
These fraudsters can be extremely convincing and use a multitude of tactics to trick people. Whether through charm or threats, these fraudsters are highly focused on achieving their end goal: getting people’s money.
In March 2020, Richmond RCMP launched a campaign where businesses could display a sign near bitcoin machines, gift card carrousels, or tills in the hopes of warning potential victims against these scams. It is a voluntary program that has been welcomed by a variety of businesses throughout Richmond.
“Unfortunately, these fraudsters keep finding new and unsuspecting victims,” says Liu. “We want to keep your money out of these fraudsters’ hands, which is why we will continue to remind and work hard to educate the public about cryptocurrency frauds.”
To help prevent yourself from failing victim to cryptocurrency frauds, Richmond RCMP recommends following these tips:
- Do your due diligence and research a company to confirm it is legitimate before investing.
- If someone claiming to be from a government agency asks for bitcoin, Google Play, or iTunes gift cards as a method of payment, hang up immediately. No government agency would accept these methods as payment.
- If you meet someone online via a dating app or other social media sites who always has an excuse to not meet in person but brings up an “investment opportunity,” do not invest or give them money.
For more tips and ways to protect yourself from being scammed, visit the Canadian Anti-Fraud Centre online.
If you have been a victim of these frauds or suspect someone may be trying to scam you, contact your local police.
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