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Crypto scams rampant in BC

Darpan News Desk The Canadian Press, 28 Mar, 2024 10:03 AM

Financial regulators and law enforcement in B-C say cryptocurrency scams and other investment frauds are on the rise, with victims in the province reporting more than a million dollars in losses in the first seven weeks of this year alone.

The B-C Securities Commission says it's teaming up with the R-C-M-P, Vancouver police, the Canadian Anti-Fraud Centre and the U-S Secret Service to sound the alarm about escalating scams targeting unsuspecting people and their money.

The commission says fraudsters manipulate and groom victims, sometimes over months, exploiting both interest in and ignorance of cryptocurrencies to get people to sign over cash.

It says victims in B-C reported more than 46-million dollars in losses in 2023 to the anti-fraud centre, the bulk lost to crypto frauds perpetrated online through dating apps and other mediums, and often involve criminal gangs outside of Canada.

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