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Saanich police see increase in cryptocurrency scams

Victims are being contacted on dating apps or social media
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In recent months, Saanich police have seen an increase in cryptocurrency scams. (Black Press Media file photo)

The Saanich Police Department has seen an increase in cryptocurrency scams in recent months.

Police say fraudsters are claiming to be successful cryptocurrency investors and gaining the victim’s trust. This is usually done on dating apps or social media.

“The fraudster slowly convinces the victim to invest in cryptocurrency and refers them to a phony website or app that looks authentic but is controlled by the fraudster,” said a Saanich Police Department news release. “The victim is encouraged to invest, and the fraudster will make sure to post a modest gain on the investment. The victim is then persuaded to invest larger amounts on the fake platform. The frauds appear to be mostly targeting Chinese community members.”

The fraudster takes the money after it’s sent on the platform.

Saanich residents are asked to report fraud to the Saanich Police Department at 250-475-4321. Anyone else can contact the Canadian Anti-Fruad Centre at 1-888-495-8501.

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