Comox Valley residents lose over 1.7 million in 2024

Comox Valley

2025-01-24 09:10 PST

The Comox Valley RCMP is issuing a strong warning to residents about the growing threat of cryptocurrency investment scams, which have already cost local victims over $1.7 million in 2024 alone. Fraudsters are exploiting the unregulated nature of cryptocurrencies, leaving victims with significant financial losses.

Cryptocurrencies operate independently of central banks and are currently unregulated in Canada. Unlike credit cards, cryptocurrency transactions lack fraud protection, and no government agency will ever request payment in the form of cryptocurrency.

How the Scams Work

Fraudsters often connect with victims through social media, dating platforms, pop-up ads, or unsolicited emails or text messages. They promise lucrative, low-risk investment opportunities in cryptocurrency, only to disappear with the victim's funds once the money is transferred. These scams are becoming increasingly sophisticated and harder to detect, as illustrated by numerous cases in the Comox Valley.

How to Protect Yourself

The Comox Valley RCMP urges Comox Valley residents to take these precautions to avoid falling victim to cryptocurrency fraud:

• Be Skeptical of High-Reward Offers: If an investment promises high returns with little to no risk, it’s likely a scam.
• Research Thoroughly: Verify the legitimacy of investment opportunities. Anyone trading or advising on securities in British Columbia must be registered with the BC Securities Commission (BCSC). Check registrations at www.aretheyregistered.ca.
• Consult a Financial Expert: Cryptocurrencies are unregulated and lack fraud protection. Seek advice from certified financial advisors or reputable financial institutions before making investment decisions.
• Avoid Suspicious Links: Do not click on links in unsolicited messages or emails. These links may lead to phishing websites designed to steal personal and financial information.
• Verify Endorsements: Be cautious of claims involving government officials or celebrities endorsing cryptocurrency investments. Confirm their authenticity by visiting official government or agency websites.
• Understand the Risks: Cryptocurrency investments carry a higher risk of loss, even through legitimate platforms. Conduct extensive research and read credible reviews before proceeding.

If You Are a Victim

If you or someone you know has been victimized by cryptocurrency fraud, report the incident to the Comox Valley RCMP and the Canadian Anti-Fraud Centre at www.antifraudcentre-centreantifraude.ca. Prompt reporting can help prevent further losses and aid in holding fraudsters accountable.

A Growing Problem

The loss of over $1.7 million in 2024 highlights the urgent need for residents to exercise caution and vigilance when dealing with cryptocurrency. The RCMP remains committed to protecting the community and raising awareness about this pervasive issue.

For more information on fraud prevention, visit the Canadian Anti-Fraud Centre (https://antifraudcentre-centreantifraude.ca/).

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Email: monika.terragni@rcmp-grc.gc.ca

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