Saanich police warn of cryptocurrency scams after victims lose $1.4M
Police are warning residents to be wary of cryptocurrency scams, as recent cases have already led to a combined loss of more than $1 million in Saanich, B.C.
Saanich police say that cryptocurrency frauds are becoming increasingly common, and that since mid-July, roughly $1.4 million has been lost in just a handful of investigations.
The police department says that some of the recent investigations share a common theme. A fake investor will contact a victim through an online messaging app, such as WhatsApp or WeChat, and then coach the victim on how to make money "quickly" by investing into a cryptocurrency trading platform.
"When the fraudster shows them that the money has quickly grown, they ask for more money, and the trend continues," said Saanich police in a release Wednesday.
"It is important for people to understand that once they move money into cryptocurrency, it cannot be retrieved," said Saanich police. "These files can be difficult for police to investigate as they often involve multiple layers of fraud and tracking the origins of the fraudster usually points to overseas."
Police add that many recent scams have targeted Asian community members in Saanich.
"For current information that is also translated, we encourage visiting the Anti-Deception Coordination Centre website," said police.
Saanich police have released a set of tips to help protect yourself from cryptocurrency-related fraud:
- Be suspicious of anyone giving you financial advice who you don’t know personally, face to face.
- Check the credentials of any financial investor you take advice from before investing your money.
- Take your time and do your due diligence before giving anyone money.
-
Do your own research before investing any money, anywhere.
- Check out legitimate websites for information/warnings, including the BC Securities Commission and the Canadian Anti-Fraud Centre
- Web search the investment platform and read reviews to the platforms/website (fake ones can be very convincing)
- Ask your local bank, investor, financial planner about it
- Ask trusted friends and family
"The significance and sophistication of these types of scams are evolving and are larger than ever," said Saanich police on Wednesday. "Please protect your assets and sensitive personal information."
Anyone who has been a victim of fraud, or who has information on recent incidents, is encouraged to contact the Saanich Police Department at 250-475-4321.
CTVNews.ca Top Stories
BREAKING Honda to get up to $5B in govt help for EV battery, assembly plants
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
BREAKING New York appeals court overturns Harvey Weinstein's 2020 rape conviction from landmark #MeToo trial
New York’s highest court on Thursday overturned Harvey Weinstein’s 2020 rape conviction, finding the judge at the landmark #MeToo trial prejudiced the ex-movie mogul with improper rulings, including a decision to let women testify about allegations that weren’t part of the case.
Residents of northern Alberta First Nation told to shelter in place
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
Secret $70M Lotto Max winners break their silence
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Remains from a mother-daughter cold case were found nearly 24 years later, after a deathbed confession from the suspect
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
Monthly earnings rise, payroll employment falls: jobs report
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
Doctors say capital gains tax changes will jeopardize their retirement. Is that true?
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
Something in the water? Canadian family latest to spot elusive 'Loch Ness Monster'
For centuries, people have wondered what, if anything, might be lurking beneath the surface of Loch Ness in Scotland. When Canadian couple Parry Malm and Shannon Wiseman visited the Scottish highlands earlier this month with their two children, they didn’t expect to become part of the mystery.
Metro Vancouver mayors call for serial killer Robert Pickton to be denied parole
A dozen mayors from around Metro Vancouver say federal Attorney General and Justice Minister Arif Virani should deny parole for notorious B.C. serial killer Robert Pickton, and reassess the parole and sentencing system for 'prolific offenders and mass murderers.'