Millions lost to British Columbians in search of love, friendship online; Here's how scammers are doing it

Fraudsters are luring B.C. victims into investment scams by researching their targets and posing as friends or suitors.

Authorities are warning the public to be wary of who they meet online.

"Sophisticated" scammers are luring B.C. residents into what the B.C. RCMP calls "crypto-asset scams," and victims have lost a combined total of millions of dollars.

In a joint news release with local police, the B.C. Securities Commission and the Canadian Anti-Fraud Centre, the RCMP said Wednesday that $3.5 million has been lost to scammers in the first eight months of 2021.

That's more than three times the amount lost last year, the CAFC said, and the total may be higher, as only an estimated five per cent of victims report these types of crimes.

In a warning to potential targets of these scammers, the group outlined how these scams operate, urging anyone involved in something similar to be cautious.

In one example, a victim is approached through a dating app or social media site. The scammer appears to build a relationship online with the victim, then later brings up an investment opportunity.

They then convince the victim to make an initial payment, and sometimes further investments, "which can lead to substantial losses."