Coquitlam crypto scam costs victim thousands: RCMP

If you use cryptocurrency in Coquitlam, be on alert.

The Coquitlam RCMP is warning of a cryptocurrency scam after receiving a report about suspicious transactions from a victim’s credit card.

According to Mounties, the victim thought they were talking to their credit card company’s fraud department, being told to withdraw several thousand dollars before any more unauthorized transactions occurred.

They were told to convert the money to cryptocurrency before depositing it into the fraudster’s account as part of the credit card company’s investigation, police added.

Related Story: Victims lose thousands in cryptocurrency scams: Coquitlam RCMP

Once the victim transferred the money, they believe they were scammed, contacting their bank and filing a police report.

The RCMP warns people to be vigilant as these scams are not always obvious.

“We want to remind the public to remain vigilant when asked to convert money into cryptocurrency,” said Corp. Alexa Hodgins. “Not all cryptocurrency scams are obvious, but people can take steps to spot the red flags before investing.”

It’s the first time the Coquitlam RCMP has warned of such scams. Back in January, Mounties issued a warning of a scam where a fraudster posed as the manager of a victims’ bank, which led to multiple people getting defrauded.

The RCMP is offering some tips on how to avoid cryptocurrency scams. They include getting a trusted second opinion, noticing the signs of a scam, and doing your own research.