Saanich police warn of increase in cryptocurrency frauds with losses of $1.4M

The Saanich Police Department on Vancouver Island is warning of an increase in cryptocurrency frauds after a handful of people reported losing a combined total of $1.4 million

Some of the files, which have been under investigation since mid-July, originate with a fake investor contacting their victims via online messaging platforms such as WhatsApp or WeChat.

Instructions are provided on how they can quickly make money investing, and eventually convince the victim to move money into a cryptocurrency trading platform.

When the fraudster shows them that the money has quickly grown, they ask for more money, and the trend continues.

“It is important for people to understand that once they move money into cryptocurrency, it cannot be retrieved,” police said. “These files can be difficult for police to investigate as they often involve multiple layers of fraud and tracking the origins of the fraudster usually points to overseas.”

Police encourage people looking to invest their money to do their research and check out legitimate websites for information and warnings, such as the BC Securities Commission and the Canadian Anti-Fraud Centre.

You can also ask your local bank, investor or financial planner or a trusted friend or family member about the investment you’re looking at.

Be suspicious of anyone giving you financial advice who you don’t know personally, face to face, and check the credentials of any financial investor you take advice from.

“The significance and sophistication of these types of scams are evolving and are larger than ever. Please protect your assets and sensitive personal information,” police added.