Police remind the public to be cautious against cryptocurrency frauds

Coquitlam RCMP remind the public to protect themselves against cryptocurrency fraud.

Coquitlam RCMP has received multiple reports of individuals losing significant amounts of money after investing in fraudulent cryptocurrency apps. Scammers typically reach out through text messages, emails, or social media, claiming they’ve made thousands of dollars through cryptocurrency investments. They then convince victims to deposit money into a fake investment app. Once the money is deposited, the app displays fictitious profits to create the illusion of a successful investment. The scammers use this to pressure victims into investing even more.

When victims grow suspicious and attempt to withdraw their funds, the scammers demand a large “processing fee”. Fearing the loss of their investment many victims would pay the “processing fee”. Ultimately, victims lose both their investments and the fee.

“These scammers rely on high-pressure sales tactics to create a false sense of urgency and fear of missing out, pushing people to make impulsive decisions without thinking them through,” said Media Relation Officer Acting Sergeant George Han. “Do not rush, call someone and discuss about the investment before making any decisions.”

How to protect yourself from cryptocurrency frauds:

• Be cautious of unexpected calls, emails, or messages.
• Never send money or cryptocurrency to someone you don’t know.
• Don’t give anyone remote access to your computer.
• Avoid downloading unknown software or apps.
• Be wary of investments that offer unusually high returns in a short amount of a time.
• Remember: If it’s too good to be true, it probably is.

What to do if you think you’ve been scammed:

• Stop all communication with the scammer.
• Do not send any more money.
• Alert your financial institution.
• Report the issue to the Canadian Anti-Fraud Centre or call 1-888-495-8501.
• Contact your local police of jurisdiction.