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Saskatoon Police Service (SPS) is warning people about a romance/investment cryptocurrency scam that they say is having “increasingly devastating effects” on its victims.
The economic crime unit and cybercrime detail at SPS said in a news release the “pig butchering” cryptocurrency scam typically begins with an unsolicited text, email, or contact via social media or on dating apps in the form of a message that is intended for someone other than the victim.
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Police said that over time and after gaining the trust of the victim, the fraudster often introduce them to a website or phone app that appears to be a legitimate investment platform.
The fraudster will then get victims to invest a small amount of money to the fraudulent platform and return a larger amount to their personal account. This small return, in addition to the appearance of a legitimate website or web application, convinces the victim to invest large amounts of money.
Victims will see what appears to be large returns on their initial investment, police said, which often encourages them to invest more money into the fraudulent platform but the returns displayed are not real.
Once the victim is ready to make a withdrawal, SPS said the fraudster will often solicit more money by introducing fees and taxes.
When the fraudster determines there are no more funds to solicit, they cut off all contact, leaving the victim with a large loss of what can be tens or even hundreds of thousands of dollars.
The Canadian Anti-Fraud Centre (CAFC) offers the following tips for Canadians to protect themselves from these scams:
- Be wary of unsolicited messages on social media or “wrong number” texts, especially if the sender tries to develop a bond
- Avoid investing based solely on the advice of someone met online. Consult with registered financial professionals if needed
- Exercise caution if an online connection suggests investing in crypto or transferring funds to specific platforms
- Be skeptical of promises of large, quick, and low-risk returns
- Report suspected investment fraud to the Canadian Investment Regulatory Organization (CIRO), CAFC, and local police
- Stay informed and exercise caution to avoid falling victim to investment frauds and romance scams. Visit the CAFC and CIRO websites regularly get more tips and information.
If you believe you have been a victim of this or a similar scam, immediately contact your bank, local police, the Financial and Consumer Affairs Authority of Saskatchewan, and the CAFC.
Anyone with information about such scams is also asked to contact SPS at 306-975-8300 or to inform Crime Stoppers at 1-800-222-8477 or at saskcrimestoppers.com.
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