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Almost two dozen people have been conned out of $2.6-million in cryptocurrency fraud schemes in Richmond alone this year. In one instance a victim was defrauded more than half a million dollars.

So far this year, investigators in the Lower Mainland city have dealt with 22 cases of cryptocurrency fraud totalling $2.6-million, according to a Richmond RCMP media release issued today, April 13.

"We have one investigation where the victim was reportedly defrauded of $550,000. In this case, the victim made a series of investments in what he believed were legitimate foreign exchange companies only to discover he’d been tricked," Richmond RCMP Cpl. Melissa Liu said in the release.

"These fraudsters know exactly what they are doing and once they have the money it’s easy to move it so it cannot be traced or recovered."

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RCMP are seeing three primary trends in cryptocurrency fraud which typically involve fake investment schemes, romance scams or individuals pretending to be government representatives.

"These fraudsters can be extremely convincing and use a multitude of tactics to trick people. Whether through charm or threats, these fraudsters are highly focused on achieving their end goal; getting people’s money," the release said.

In 2020, Richmond RCMP launched a campaign whereby businesses could post signs next to bitcoin machines and gift card displays in stores warning people against scams.

"Unfortunately, these fraudsters keep finding new and unsuspecting victims," Cpl. Liu said. "We want to keep your money out of these fraudsters' hands, which is why we will continue to remind and work hard to educate the public about cryptocurrency frauds."

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Richmond RCMP has some tips to help the public from falling victim to cryptocurrency fraud.

• Do your due diligence, research a company to confirm its legitimacy before investing;
• If someone claiming to be from a government agency asks for bitcoin, google play or iTunes gift cards as a method of payment hang up immediately. No government agency would accept these methods as payment;
• If you meet someone online via a dating app or other social media sites who always has an excuse to not meet in person but brings up an investment opportunity do not invest or give them money.

More information to protect yourself from scammers can be found at the Canadian Anti-Fraud Centre here.

RCMP said if you or someone you know has been a victim of fraud contact your local police.

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