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Police said it's a massive increase compared to 21 occurrences in 2021 with a loss of $270,000 and 2019 where just four incidents were reported with a loss of $84,000

Some Edmontonians looking for love last year are collectively down more than $5 million after being victimized by cryptocurrency investment scams, police said.

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Edmonton Police Service (EPS) is warning residents of cryptocurrency investment scams due to the crimes rapid rise in the city.

In 2021, the EPS cybercrime investigations unit identified 87 cryptocurrency investment complaints with a monetary loss of over $5.29 million. Police said its a massive increase compared to 21 occurrences in 2020 with a loss of $270,000 and 2019 where just four incidents were reported with a loss of $84,000.

EPS cybercrime units Det. Dana Gehring said a number of the investment scams started on an online dating platform.

We know online dating is extremely common, so we want to ensure Edmontonians know the signs of a potential romance investment scam and understand that dating sites and social media should not be where you find cryptocurrency investment tips, said Gehring.

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EPS said a fraudster would approach the victim on a dating or social media platform and claim to live in Canada, with many saying they lived near Edmonton but were currently out of town. Geographical separation is a common romance scam tactic, said police.

Police added a fraudster would move the conversation off the dating platform onto a messaging app as soon as possible and then delete their dating profile. These fraudsters also keep communication to the messaging apps, no video calls or in-person meetings.

Victims were initially told to send their cryptocurrency to a legitimate trading platform, but after trust had been built with the fraudster, they would be directed to a new investment website, which was fraudulent and controlled by scammers, EPS said.

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We quickly trust strangers online, especially if we feel an emotional connection to them, so if that potential partner appears to be an expert and guarantees quick, high returns, it sounds perfect, said Gehring. That should be the first red flag investments arent perfect.

EPS encourages Edmontonians to conduct online searches for the phone number or address given by the person they are speaking with online, to call them and have video chats, research the websites and apps associated with the investment and meet them in person. Police said do not send personal documents or money without meeting someone first.

ktaniguchi@postmedia.com

twitter.com/kellentaniguchi

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Edmonton police issue warning about cryptocurrency investment scams on dating platforms - Edmonton Journal