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
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
'Anything to win': Trudeau says as Poilievre defends meeting protesters
Prime Minister Justin Trudeau is accusing Conservative Leader Pierre Poilievre of welcoming 'the support of conspiracy theorists and extremists,' after the Conservative leader was photographed meeting with protesters, which his office has defended.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Pilot reported fire onboard plane carrying fuel, attempted to return to Fairbanks just before crash
One of the two pilots aboard an airplane carrying fuel reported there was a fire on the airplane shortly before it crashed and burned outside Fairbanks, killing both people on board, a federal aviation official said Wednesday.
Police tangle with students in Texas and California as wave of campus protest against Gaza war grows
Police tangled with student demonstrators in Texas and California while new encampments sprouted Wednesday at Harvard and other colleges as school leaders sought ways to defuse a growing wave of pro-Palestinian protests.
'One of the single most terrifying things ever': Ontario couple among passengers on sinking tour boat in Dominican Republic
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
7 surveillance videos linked to extortions of South Asian home builders in Edmonton released
The Edmonton Police Service has released a number of surveillance videos related to a series of extortion cases in the city now dubbed 'Project Gaslight.'