Vancouver police are warning the people to be wary of investment or romantic chances that turn out to be cryptocurrency scams after local victims lost close to $2 million in just one week.
A cryptocurrency is a digital or virtual currency, like Bitcoin, that is essentially an online version of cash, Vancouver Police Department Const. Tania Visintin explained.
Governments or banks do not back cryptocurrency.
The frauds are coming in two trending streams, Visintin said. One is the romance scam where a victim is approached through a social media channel or a dating site and then groomed with an indication of romantic interest. The suspect convinces the victim to invest in cryptocurrency and provides excuses as to why they cannot meet in person.
“The victim ends up investing in a fake cryptocurrency company and loses all of their money,” Visintin said.
The other approach is the forming of a friendship through social media and then the proposal of a cryptocurrency investment through what turns out to be a fake company.
“The victim invests their money and sees returns which are fabricated. When the victim tries to withdraw their money, they are unable to do so and communication with the suspect ends,” Visintin said. “Investigators believe this crime is underreported as victims often feel shame or embarrassment, making them reluctant to come forward to police.”
However, such frauds are difficult to investigate and the chances of locating and identifying a suspect are low, as suspects are often based in other countries and mask identities through sophisticated, untraceable virtual private networks.
Visintin said suspects often pose as being from a reputable agency such as government or military. In one case, someone posed as a Service Canada representative.
“It’s all part of masking their identity and posing a threat to their victims,” she said.
“Predators will often exploit two powerful human emotions: greed and love. Victims are typically lured in with the idea that they will be a part of an opportunity to make money or in other cases, they will be doing a friend or romantic interest a favour.”
Police are reminding everyone who may be suspicious about personal money transfers to someone they met online to call their local police department.
“Tell people in your family and others this is going on and just to be wary,” Visintin said.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
