The Vancouver Police Department (VPD) has issued a cautionary alert following two recent cases of individuals falling victim to cryptocurrency fraud.
In separate incidents, a 55-year-old woman and an 82-year-old man were swindled out of a collective sum of $1.3 million.
The woman, on Dec. 24, disclosed that she had engaged with an individual she thought was an investor promising substantial returns through contributions to an investment pool.
Through extended interactions on messaging platforms like WhatsApp and WeChat, the victim believed she was partaking in a legitimate investment opportunity. However, after funneling $565,000 into various phony investments over several months, the suspect abruptly ceased communication and vanished.
In the second scenario, the man reported on Jan. 10 that he had responded to an online advertisement featuring a picture of Prime Minister Mark Carney endorsing a cryptocurrency investment.
Enticed by the seemingly authentic ad, the man commenced communication via the encrypted app Telegram. He was duped into transferring $800,000 over six months via wire transfer to a Canadian cryptocurrency exchange before realizing the scam.
Const. Megan Lui emphasized the complexity of investigating cryptocurrency fraud, as scammers exploit victims’ vulnerabilities and trust, making recovery of funds extremely challenging.
VPD revealed a staggering $27 million in fraud cases reported last year.
Individuals who suspect they have been targeted by a cryptocurrency scam are urged to contact the VPD promptly for assistance.
Lui stressed the importance of reporting such incidents swiftly for timely investigations and highlighted the rising prevalence of cryptocurrency scams, advising on preventive measures to safeguard oneself and loved ones.