British Columbians reported $3.5 million in losses to cryptocurrency funding scams within the first eight months of 2021, prompting warnings from regulation enforcement.
The newest losses are 3 times greater than comparable scams in 2020. Since 2015, Canadians have misplaced a complete of $28.5 million to such scams with these numbers anticipated to proceed climbing, based on a information launch.
B.C. RCMP and skilled teams stated there’s an rising development of fraudsters utilizing social media and on-line courting websites to lure potential victims.
One of many numerous methods fraudsters are bilking victims embrace by constructing a relationship with their victims on-line earlier than citing an funding alternative and convincing their victims to make an preliminary cost.
Different strategies embrace taking management of a social media account and utilizing it to persuade pals to make funds or calling potential victims and convincing them to permit distant entry to their laptop to allow them to be proven a legitimate-looking funding web site promising important returns.
“Be extraordinarily cautious if you’re contacted out of the blue or promised excessive returns that sound too good to be true. At all times analysis the funding and the particular person promoting it earlier than you make investments,” stated Doug Muir, B.C. Securities Fee’s director of enforcement.
To guard your self from such scams, residents are inspired to buy cryptocurrencies solely from buying and selling platforms registered with the Canadian Securities Administration Nationwide Registration Search. buyers are additionally warned to by no means make investments or ship cash primarily based solely on the recommendation of somebody they’ve met on-line and to be cautious of all unsolicited funding affords promising excessive returns with low threat.
The companies additionally encourage individuals to ask loads of questions on any provide and to withstand any stress to purchase for worry of lacking a chance.
Victims ought to contact police and the Canadian Anti-Fraud Centre by telephone at 1-888-495-8501 or online, even when no cash was misplaced. Victims of an funding rip-off must also report it the securities fee.
@JSamanski
justin.samanski-langille@goldstreamgazette.com
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