Surrey RCMP detachment in Newton. (File photo)

Surrey RCMP detachment in Newton. (File photo)

Surrey RCMP say cryptocurrency fraud on the rise

They’ve received 59 reports of cryptocurrency fraud totaling $612,748 since January

Investment fraud has become a growing concern in Surrey as Mounties say they’ve received 59 reports of cryptocurrency fraud totaling $612,748 since January.

Still, Corporal Vanessa Munn said, the most common fraud being reported remains the CRA /police scams where criminals impersonate a police officer or employee of a business, financial institution or government agency like the CRA.

Many of the cryptocurrency investment frauds had victims willingly transfer funds to unverified sources for the purpose of buying cryptocurrency, mostly Bitcoin.

“On multiple occasions victims have interacted with strangers online who suggested the victim download an application to purchase Bitcoin which is later determined to be fraudulent,” Munn said.

Police say consumers’ should make sure to use a major trading platform or online exchange. Constable Brad Charpentier, of the RCMP’s Economic Cybercrime Section, advises people to “be aware that cryptocurrencies are not insured and if your money is stolen, you will not be reimbursed.”

Police advise people to report scams to the Canadian Anti-Fraud Centre at 1-888-495-8501 or www.antifraudcentre.ca. and ask anyone with more information to contact the Surrey RCMP at 604-599-0502.



tom.zytaruk@surreynowleader.com

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