Residents of this B.C. city lost more than $16M to 'pig butchering' scams last year, RCMP say

Canadian cash is shown. (Shutterstock.com)

Since the start of 2023, residents of Richmond, B.C., have lost more than $16 million to "sophisticated online scams combining romance and investment schemes," according to local Mounties.

Richmond RCMP shared a warning about such scams Tuesday, saying the detachment received 87 reports of such scams last year, with losses totalling $16.17 million.

That works out to an average of more than $185,800 lost per scam.

So far in 2024, Richmond RCMP have received 12 further reports of these types of scams, with reported losses totalling $477,820, or more than $39,800 per incident.

"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," Mounties said in their statement.

'Pig butchering'

Police said the perpetrators of these scams typically spend weeks or months "grooming" their victims, often beginning their interaction "under the guise of a mistaken identity."

Victims are often targeted through "dating websites, social media and even text messages," according to RCMP.

"Over time, scammers, using fake yet compelling profiles, build a relationship with their targets, eventually convincing them to invest in fraudulent opportunities," the statement reads.

"This method, commonly referred to as pig butchering, sees victims being fattened with false promises of profit, only to be financially slaughtered when they are left with nothing."

Police said scammers sometimes "show false returns on small initial investments" to convince their targets to "invest" more.

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$15 million lost in Surrey

The Richmond RCMP is not the first Lower Mainland detachment to sound the alarm about multimillion-dollar losses to these types of scams over the last 15 months.

Earlier in March, Surrey Mounties shared their own warning about scams involving fake investment websites and fake profits, usually involving cryptocurrency, with victims often targeted through social media, dating platforms and phone calls. 

Surrey RCMP said it had received 229 reports of such scams in 2023 and a further 50 in the first two months of this year, with losses totalling more than $15 million over that time.

The average loss in the Surrey cases works out to more than $53,700.

Advice to protect yourself

Richmond RCMP warned residents to "exercise caution online."

"Be skeptical of unsolicited contacts, especially from overly attractive profiles or strangers professing romantic interest," the detachment's statement reads.

"Never send money or share financial information with someone you’ve not met in person."

Mounties also recommended seeking advice from trusted independent sources before making any investments, especially those involving cryptocurrency.

Richmond residents who suspect they've been victims of this type of scam should "preserve all communication and transaction records" and "immediately" notify their bank, the Canadian Anti-Fraud Centre and the Richmond RCMP, police said. The detachment's non-emergency phone number is 604-278-1212.