A staggering $12 million in cryptocurrency was scammed away from Surrey residents last year.
In 2023, Surrey RCMP received more than 220 reports of fraud involving cryptocurrency, with the vast majority related to investment scams.
So far this year through January and February, Surrey RCMP said there have been 50 reports of fraud with losses of more than $3.2 million.
Several types of scams are being used to swindle money from community members, including grandparent scams, job scams, rental scams, bank scams, investment scams, cellphone scams and fake bank drafts.
“In these scams, victims were introduced to cryptocurrency-related investments via social media, phone calls, online advertisements, and online dating platforms,” Cpl. Sarbjit Sangha said.
“Using spoofed websites and mobile applications with fake trades and profits, the victims are encouraged to invest money on the investing platform.
Surrey RCMP said the scam then asks for more money for taxes and other fees. The scammer eventually stops communicating with the victim and takes all the money involved.
The BC Securities Commission offers resources to community members to help protect themselves against fraud.
Police are urging members of the public who may have given personal information in a potential scam to contact Equifax and TransUnion — the two main credit bureaus in Canada to prevent potential fraud.
With those bureaus, people can monitor their credit report for signs of identity theft and check for any unauthorized credit checks of applications.
For a list of current scams, or to report fraud online, visit the Canadian Anti-Fraud Centre.