Protect yourself - Don’t fall victim to a cryptocurrency fraud


2023-01-09 12:46 PST

File # Public Service Announcement

Bit coins

Coquitlam RCMP is warning the public of a recent cryptocurrency fraud which has defrauded victims out of thousands of dollars.

During the month of December, Police responded to multiple cryptocurrency fraud in which the fraudster posed as the manager of the victim’s bank. The victims were told that their bank account had been compromised and were instructed to take out their remaining money to prevent further fraud. The victims were then instructed to deposit their money into a cryptocurrency machine to use as bait money to catch the scammers who had compromised their bank accounts.

A bank will never instruct you to withdraw money to convert it into cryptocurrency in any circumstance, said Media Relations Officer, Corporal Alexa Hodgins. These tech-savvy fraudsters are sending their victim’s to cryptocurrency ATMs to make the transactions. The fraudsters stay on the phone to guide the victim’s through the process.

Fraudsters use cryptocurrency frauds to trick people out of their money. To add legitimacy to the scams, the fraudsters may pose as credible individuals including banking institutions or government agencies.

These types of frauds play on the victim’s emotions, and have nothing to do with the victim’s intelligence, said Corporal Alexa Hodgins from Coquitlam RCMP.

To learn more about Cryptocurrency frauds, visit the BC RCMP website – Bitcoin and gift card scams.

Prevention Tips

For more information on frauds and scams, and additional ways to protect your money, visit the Canadian Anti-Fraud Centre website.

If you have been a victim of fraud or suspect someone may be trying to scam you, contact your local police.

Released by

Cpl. Alexa Hodgins

Media Relations Officer
Coquitlam RCMP
2986 Guildford Way, Coquitlam, B.C V3B 7Y5
Office: 604-945-1580

Website: (English only)

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