Delta police issued warnings after cryptocurrency scams in Vancouver

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Delta police stated six cases of cryptocurrency scams that losses up to $100,000 per file. With more people investing in cryptocurrency, scammers are activated all over the country.

Delta police stated six cases of cryptocurrency scams that losses up to $100,000 per file. With more people investing in cryptocurrency, scammers are activated all over the country.

In recent months, particularly in August, The Delta Police Department stated that it had received six complaints from residents who had attempted to invest in cryptocurrencies but wounded up losing varying amounts ranging from $5,000 to up to $100,000 in each case.

There is a lot of interest in investing in cryptocurrency; but at the same time, scammers are capitalizing on that fact, and many are taking advantage of investors’ lack of knowledge on how to invest in this market.

“If you are going to invest in cryptocurrency, be very cautious,” says Const. Dustin Classen, of the DPD cybercrime.

He also added that in the files that were reported, there is no chance for the investors to recoup their losses.

Delta police has highlighted some common factors in the reported files

In most files the scammers contacted the would-be investors through a variety of online platforms, from dating sites to chat apps. An online relationship was established. Moreover, Investors were typically encouraged to e-transfer funds from their bank accounts to mobile wallets, and from there to unknown accounts.

In some cases the scammers walked the victims through the process online, even having the victim download software to allow the scammer access to their computer. When victims tried to withdraw their profits or investment, the money was either gone, or the victim was informed they needed to pay considerable additional fees to access their money.

Dustin Classen advises anyone making an online investment to double-check the URL or domain of the investment website and to do research to find out if the investment firm is well established and reputable.

Adding to that, the B.C. Securities Commission provides searchable lists of investment companies that are under investigation. They also have a  website  that provides advice and tips for investors as well as a video to provide more information about these cryptocurrency scams.

In the video, B.C. Securities Commission investigator Chris Thompson states that scammers have created more polished websites than in the past that are designed to replicate legitimate investment sites, and even include names of actual B.C. residents and companies who may not realize their names are being used.

Investors can also check the Canadian Securities Administrators website to verify the registration of securities industry professionals. 

Despite previous warnings issued about cryptocurrency scams, investors in Vancouver continue to be bilked by such schemes, which has led to a recent string of frauds that resulted in thousands of dollars in losses. 

Dylan Leighton

Dylan Leighton

Dylan Leighton is an composer, music producer, sound designer and mix engineer from the United Kingdom. Making music for over 40 years, he creates music for corporate clients, film and video, and his own personal enjoyment. Writing under the artist name Kalliste, he has composed in just about every genre, from hip-hop to funk to classical.

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