Comox Valley RCMP are issuing a strong warning to residents, as they also share a shocking dollar amount on cryptocurrency investment scams last year.
Comox Valley RCMP report $1.7M lost in cryptocurrency scams in 2024
By Lisa Best
Investigators say scams of this nature cost local victims more than $1.7-million in 2024.
Fraudsters are exploiting the unregulated nature of cryptocurrencies, leaving victims with significant financial losses.
Unlike credit cards, cryptocurrency transactions lack fraud protection, operate independently of central banks and are currently unregulated in Canada.
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, then disappear with the victim's funds once the money is transferred.
Investigators say the scams are becoming increasingly sophisticated and harder to detect, as illustrated by numerous cases in the Comox Valley.
Remember: No government agency will ever request payment in the form of cryptocurrency.
For more information on fraud prevention, visit the Canadian Anti-Fraud Centre.