Richmond RCMP is warning the public about a "significant rise in sophisticated online scams" preying on local residents.
According to police, Richmond residents reported more than $16.64 million in losses since 2023 with 87 reports in 2023 and 12 from January to March this year.
The total losses reported last year were approximately $16.17 million and victims have lost around $480,000 this year.
Police describe the scams, which combine romance and investment schemes, as "long cons" where "perpetrators (groom) victims over weeks or months" starting from dating websites, social media or text messages.
Scammers often lure targets under the guise of mistaken identity and build a relationship with them, before convincing them to invest in fraudulent opportunities.
Using the "pig butchering" method, victims are first "fattened" with false promises of profit after small initial investments and later financially "slaughtered" when they are enticed to continue investing, resulting in "a path of financial ruin," explained Richmond RCMP spokesperson Cpl. Dennis Hwang.
Last November, the Richmond News reported that a Richmond resident was able to recover most of their losses after they lost $10 million to cryptocurrency fraud.
The investigation took about a year and, according to RCMP Chief Supt. Dave Chauhan, cryptocurrency investigations can be "very complicated" and long because servers are being used in different countries.
"Due to the nature of these scams, it is believed that the actual number of victims may be higher, as cases may go unreported due to embarrassment or fear," said Hwang.
Police are urging community members to exercise caution online. For example, one should be skeptical of unsolicited contact, "especially from overly attractive profiles or strangers professing romantic interest," and avoid sending money or sharing financial information with people one has not met in person.
Community members are also advised to seek investment advice, especially concerning cryptocurrency, from trusted and independent sources.
If you suspect you’ve been a victim of an online romance or investment scam:
- Preserve all communication and transaction records.
- Report the incident immediately to your bank, the Canadian Anti-Fraud Centre and Richmond RCMP's non-emergency line: 604-278-1212.
More information on preventing online scams can be found at antifraudcentre-centreantifraude.ca.
- With files from Maria Rantanen
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