Skip to content
Join our Newsletter

Cryptocurrency scams in Surrey surge in early 2024

Surrey RCMP received reports of cryptocurrency fraud totalling $12 million in 2023 but have already reached $3.2 million of reported losses in the first two months of 2024.
cryptocurrency stock
The reported losses, on average per month, represent a 160 per cent uptick over 2023.

Surrey RCMP say they have received 50 reports of cryptocurrency-related fraud totalling $3.2 million in losses for the victims, in the first two months of the year.

The reported losses, on average per month, represent a 160 per cent uptick over 2023 when about $12 million in losses were reported stemming from 229 reports.

Mounties stated Thursday some of the typical tactics fraudsters will employ: “In these scams, victims were introduced to cryptocurrency-related investments via social media, phone calls, online advertisements, and online dating platforms. Using spoofed websites and mobile applications with fake trades and profits, the victims are encouraged to invest money on the investing platform.

When the victim attempts to withdraw their investments, they are typically asked for more “money for taxes and other fees. Eventually the scammer stops communicating with the victim and the victim realizes they have been defrauded of all the money they believed they were investing.”

Surrey RCMP did not provide details on how it is enforcing these reports.

Most cryptocurrency platforms are not based in Canada and operate online; however, the Canadian Securities Administrators (CSA) has an online list of authorized trading platforms for Canadians.

The CSA shows it has only banned three platforms.

The B.C. Securities Commission issues online “investment cautions” and one may be able to search a crypto-related company to see if it has caught the eyes of regulators.

Caution must be taken against any cryptocurrency platform that is not registered to trade in, or advise on, securities or derivatives in B.C., the commission states.

[email protected]