HomeNewsCryptocurrency investment fraud a growing issue for novice investors, BC RCMP

Cryptocurrency investment fraud a growing issue for novice investors, BC RCMP

Cryptocurrency investment frauds are continually on the rise and police say fraudsters are targeting novice investors.

While BC RCMP say the Federal Policing Operations Group has shut down many of the schemes, fraud is still rising as investments continue. They say the fraudsters are using enticing social media ads that promise quick returns on investments.

Many of the victims were lured by the ads that led them to contact the exchange platform to talk about the high investment returns. A company representative convinced them to invest in crypto with a third-party platform or an app that gave access to an investment account.

Police say the many novice investors felt it was too good to be true, but frequent calls from the company rep encouraged them to continue investing until they realized they had been duped. Their money had been transferred to a fraudulent account.

RCMP say that prevention is the best course of action at the moment as not much is known about the situation. Reviewing sources like the British Columbia Securities Commission is also recommended.

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“While law enforcement agencies adapt and navigate through the often uncharted and unregulated territory of combating cybercrime, prevention continues to be the most important first course of action,” said Supt. Bert Ferreira, Federal Serious and Organized Crime.

Police say to contact them if anyone has been a victim of an investment scam, even if loss did not occur.

They also recommend contacting the Canadian Anti-Fraud Centre at 1-888-495-8501 on online through the fraud reporting system.

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