Cryptocurrency scams cost Saskatchewan residents $3.4M this year

The RCMP logo is seen outside the force's 'E' division headquarters in Surrey, B.C., on Thursday, March 16, 2023. THE CANADIAN PRESS/Darryl Dyck

Saskatchewan residents have lost millions to cryptocurrency scams since the beginning of 2024.

According to a report from the Saskatchewan RCMP, between Jan. 1 and July 31, there have been 116 reported incidents with losses exceeding $3.4 million.

These scams often involve phone calls where the victim is pressured into sending cryptocurrency through ATMs or online platforms.

Scammers may impersonate authority figures like employers or family members, or exploit investment opportunities through social media advertisements, according to RCMP.

On Aug. 26, police received a report of cryptocurrency fraud at a business in Warman where an employee at the business received a suspicious phone call.

The caller misrepresented themself as the employee’s senior management saying that there was an urgent package that needed to be paid for and payment could be made by depositing a sum of money at a nearby cryptocurrency ATM.

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“This call was not from the employee’s senior manager. If you receive such a call, hang up immediately. Do not provide any information to the caller or follow through with their request,” RCMP said.

Other common tactics used by scammers include grandparent scams where scammers impersonate grandchildren or relatives in crisis, request immediate financial assistance via cryptocurrency, and investment fraud when fake investment opportunities with unrealistic returns are advertised on social media, often using stolen images of celebrities.

If you or a family member have been contacted by a scammer, the RCMP says to contact the Canadian Anti-Fraud Centre and your local RCMP detachment.