RCMP in Saskatchewan have reported a sharp rise in cryptocurrency fraud in the last year, resulting in a financial loss of close to a million dollars. The biggest areas impacted were Swift Current and Maidstone.

According to the RCMP, Swift Current received 105 reports of scams, with victims losing a total of $361,000. Maidstone had 37 cases of cryptocurrency-related fraud, leading to a loss of $570,000.

The scams involve various methods, including authorized deception and misleading advertising, such as “learn to trade crypto” programs. In response, the Saskatchewan RCMP has issued a warning about the potential for cryptocurrency fraud, listing the following:

• Investment offers with higher than average returns
• Unsolicited investment proposals received through phone, email, or social media
• Free samples that require payment for delivery
• Sending messages to unknown sources
• Cryptocurrency investments not registered with the national or provincial securities regulator
• Contact pages with an illegal address

Cst. Tyson Maxwell, Saskatchewan’s Crypto Coordinator, explained, “There are many legitimate cryptocurrency companies, but there are also some with weak online security or which are simply fraudulent. Investigating cryptocurrency fraud requires an international effort as perpetrators often conceal their identities and can be hard to track.”

Maxwell urged those interested in cryptocurrency to educate themselves on reputable trading platforms and current prices. “Crypto transactions are final, so if an investment sounds too good to be true, it probably is. If you choose to invest, use a respected platform or exchange and do some research to protect yourself.”

For more information about cryptocurrency scams, visit the Saskatchewan RCMP website.