2024 saw over $1.7 million lost because of cryptocurrency scams.
That comes from Comox Valley RCMP, saying all the money was lost from local victims of these scams.
They say fraudsters are exploiting the nature of cryptocurrencies, which operate independently of central banks and are unregulated in Canada.
For how these scams work, fraudsters would connect with victims either by social media, dating platforms, pop-up ads, unsolicited emails or text messages.
“They promise lucrative, low-risk investment opportunities in cryptocurrency, only to disappear with the victim’s funds once the money is transferred,” said Comox Valley RCMP.
“These scams are becoming increasingly sophisticated and harder to detect, as illustrated by numerous cases in the Comox Valley.
To prevent more people from falling for the scams, officers offer tips for you to stay safe.
Those include being skeptical of high reward offers, checking how legitimate these investment opportunities are, consulting a reputable financial expert, avoiding links on unsolicited messages and emails, verifying endorsements by going to official government or agency websites, and to understand the risks.
If you or someone you know has fallen for these scams, report it to Comox Valley RCMP or the Canadian Anti-Fraud Centre.
