Sophisticated crypto scams targeting B.C. residents through social media and dating sites

 Sophisticated crypto scams targeting B.C. residents through social media and dating sites

VANCOUVER and SURREY, BC, Nov. 3, 2021 /CNW/ – The B.C. RCMP, British Columbia Securities Commission (BCSC), Canadian Anti-Fraud Centre (CAFC) and municipal police are warning the public about an emerging trend of fraudsters using social media and online dating sites to lure B.C. residents into crypto-asset scams.

In the first eight months of 2021, British Columbians reported losses of $3.5 million from crypto investment scams – more than triple the amount lost last year, which was just over $1 million, according to CAFC data. On average, only five per cent of fraud victims report such incidents to authorities.

Fraudsters are adapting their techniques to the latest trends and technologies, using a variety of tactics to defraud victims:

  • People are approached via dating apps or other social media sites. After developing an online relationship, the fraudster brings up an “investment opportunity” and convinces the person to make an…

Read full article at finance.yahoo.com