B.C. investors lost $24M to crypto scams last year: financial regulator
British Columbians lost a combined $24 million to cryptocurrency scams in 2022, an amount the province's financial regulator says is nearly triple what was recorded in 2021.
This figure likely only represents a fraction of actual losses, which the B.C. Securities Commission says are only reported to authorities in between five and 10 per cent of cases.
The financial regulator released the information Wednesday, launching an awareness campaign meant to help people better identify and avoid potential investment fraud.
“Investing in crypto is risky, and one of the biggest risks is outright fraud," the BCSC's director of enforcement Doug Muir says in a statement.
One way to reduce risk, according to the regulator, is to check whether a crypto exchange is registered with Canadian securities regulators before using it to buy and sell.
Additional tips include being wary of unsolicited offers, promises of a guaranteed return and pressure to invest immediately. Investment pitches that contain "complicated jargon and language that is difficult to understand" should also be approached with extreme caution.
"Scammers are using the popularity and complexity of crypto assets to target vulnerable investors, particularly on social media," the statement from the BCSC says, adding that young adults seem to be particularly vulnerable to these scams because they are more likely to seek out and heed online advice.
The BCSC has produced an online video outlining how would-be investors can spot red flags.
CTVNews.ca Top Stories
More Canadians only making minimum payment on credit cards: TransUnion
Some Canadians are seeing their credit card balances grow as the cost-of-living crisis and higher interest rates eat into household budgets, a new report shows.
Severe thunderstorms, 15 cm of snow: Canadian weather forecast highlights
Well into spring, some parts of Canada could experience a wintry comeback, while other areas are bracing for severe thunderstorms, according to local forecasts.
Israeli tanks advance into Rafah's centre despite global outcry
Israeli tanks advanced to the centre of Rafah for the first time on Tuesday, witnesses said, three weeks into a ground offensive in the southern Gaza city that has stirred global condemnation for its continued civilian toll.
Tornado touches down west of the Island of Montreal
Emergency services in the town of Rigaud, Que. are investigating after a tornado touched down shortly after 5:30 p.m. on Friday.
House from 'Home Alone' hits the market for US$5.25 million
Kevin McCallister’s childhood home has hit the market for US$5.25 million. At just over 9,000 square feet, the house from the 'Home Alone' movie was last sold in 2012 for $1,585,000.
Teen was doing homework at family's Mississauga, Ont. restaurant when gunman opened fire: testimony
The 13-year-old sister of a young man killed in the attack on her family’s Mississauga restaurant in 2021 took the stand in a Brampton courthouse on Monday to describe the terrifying moments of coming under fire.
What a CBSA strike could look like, according to an expert
Slowed or interrupted travel, the passing of goods and significantly restricted borders should be expected if Canadian border workers take upcoming strike action.
Arm of mummy came off after mishandling by museum staff: Mexican government
Mexico's federal archaeology agency on Monday accused the conservative-governed city of Guanajuato of mistreating one of the country’s famous mummified 19th century bodies.
Five of Ontario's top 10 worst roads are located in the Toronto area
A new pothole-riddled street in Hamilton has taken the top spot for the worst road in Ontario, according to a new list released by the Canadian Automotive Association (CAA) on Tuesday.