Police are urging the public to use caution when asked to convert money into cryptocurrency

Supported By:

Net Patrol International Inc.  Data Investigation and Forensic Services
Bankruptcy and Insolvency Trustees

The Coquitlam RCMP is warning the public of a financial scam involving cryptocurrency.

Coquitlam RCMP received a fraud report in which the victim had been contacted over the phone regarding suspicious transactions on the victim’s credit card. The victim believed that they were talking to the fraud department for their credit card company, when they were told to withdraw thousands of dollars from their bank account to prevent further unauthorized transactions. The victim was instructed to convert their money into cryptocurrency and transfer it in the fraudster’s account as part of the investigation.

After the transfer was complete, the victim believed that they had been scammed and contacted their bank directly and filed a police report.

We want to remind the public to remain vigilant when asked to convert money into cryptocurrency, said Media Relations Officer, Corporal Alexa Hodgins. Not all cryptocurrency scams are obvious, but people can take steps to spot the red flags before investing.

Coquitlam RCMP have issued a similar warning, urging the public to be aware of cryptocurrency scams and to take preventive measures to protect themselves.

To help protect yourself from investment scams:

  • Get a second opinion from a trusted friend, lawyer or accountant.
  • Know that time-limited or high-pressure offers are signs of a scam.
  • Do your own research.
  • Visit the Canadian Anti-Fraud Centre’s website for more information on current frauds and scams.

The B.C. Securities Commission (BCSC), B.C. RCMP and the Canadian Anti-Fraud Centre (CAFC) want to encourage British Columbians to empower themselves with information and tools to help spot crypto and other online investment scams. You can find out more by visiting cryptoscams.ca and InvestRight.org.

If you are a victim of an investment scam, or any type of scam, please contact your local police department to file a report. Information can also be provided anonymously through Crime Stoppers at 1-800-222-TIPS (8477).

This article was originally sourced from www.rcmp-grc.gc.ca