Comox Valley Residents Lose Over 1.7 Million In 2024

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.

Police say 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.

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.

Comox Valley RCMP are urging residents to take precautions to avoid falling victim to cryptocurrency fraud.

• Be skeptical of high-reward offers - if it looks too good to be true, it’s likely a scam.
• Do your research - anyone trading or advising on securities in British Columbia must be registered with the BC Securities Commission.
• Check registrations at Are They Registered.

As always, avoid suspicious links. Do not click on links in unsolicited messages or emails that may lead to phishing websites designed to steal personal and financial information.

It’s also best to verify endorsements.

Police warn to be cautious of claims involving government officials or celebrities endorsing cryptocurrency investments. Confirm their authenticity by visiting official government or agency websites.

As cryptocurrencies are unregulated and lack fraud protection, it’s also best to seek advice from certified financial advisors or reputable financial institutions before making investment decisions.

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.

Police say the loss of over $1.7 million last year highlights the urgent need for residents to exercise caution and vigilance when dealing with cryptocurrency.