The RCMP are warning about a rise in cryptocurrency scams across Canada, noting that residents in Surrey, British Columbia alone lost more than $12 million to crypto fraud last year.
Canada’s federal police force added that the number of crypto scams is rising rapidly, with more than 50 reports of fraud and more than $3 million lost already in 2024.
The main fraud being perpetrated involves cryptocurrency investments promoted on social media, notably through online dating apps, said the RCMP in a news release.
Fraudsters are increasingly approaching and hooking victims through dating apps and on social media platforms.
In some cases, the fraudsters impersonate friends and relatives to lure unsuspecting people into making a fraudulent crypto investment.
The rise in cryptocurrency frauds comes as the price of Bitcoin hits a new all-time high above $69,000 U.S. and interest in digital assets reaches a fevered pitch.
According to the Better Business Bureau, crypto scams are among the most devastating for Canadians. More than 80% of people targeted in a crypto fraud reported losing money, with the average loss totaling $9,365.
In 2023, Canadians lost more than $309 million to various investment scams, with more than half related to cryptocurrencies, according to the Canadian Anti-Fraud Centre.
Cryptocurrencies are unregulated in Canada, making them appealing for criminals. The RCMP say fraudsters are adept at mimicking websites, email addresses, and phone numbers, making them appear legitimate.
Police recommend that people check with securities regulators where they live before investing any money.
