Edmonton police are warning residents about a rise in cryptocurrency scams after a significant spike in reports last year.
The Edmonton Police Service’s Cyber Crime Investigations Unit identified 87 cryptocurrency investment complaints with a loss of more than $5.29 million in 2021.
In 2020 there were 21 complaints with a loss of around $270,000 and in 2019 only 4 occurrences were reported with a loss of roughly $84,000, according to EPS.
Police noted that a number of the scams began online as a “romantic connection.” Those connections then turned into cryptocurrency discussions and monetary transfers.
“We know online dating is extremely common,” Det. Dana Gehring, with the Cyber Crimes Investigations Unit, explained.
“We want to ensure Edmontonians know the signs of a potential romance investment scam and understand that dating sites and social media should not be where you find cryptocurrency investment tips.”
Here’s how romance cryptocurrency scams work, according to EPS:
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Fraudsters will approach a victim online and claim to live in Canada or near Edmonton. Police said geographic separation is a common romance tactic. -
The conversation will move off the dating platform and onto a messaging app. -
The relationships are only through text/messaging apps, no video or in person meetings. -
The fraudster would then start a conversation about cryptocurrency. -
Victims were initially directed to a…
