Strathcona County RCMP Warn About Cryptocurrency Scams

Sherwood Park, Alta. – In light of the growing popularity of cryptocurrency investments, the Strathcona County RCMP Financial Crime Unit is warning the public to remain vigilant and informed before committing their hard-earned money to investments in cryptocurrency.

The Strathcona County RCMP has been noticing a significant rise in fraudulent investment schemes, with counterfeit cryptocurrency investment platforms preying on unsuspecting individuals. SinceJanuary 2023, over $6.4 million in losses through cryptocurrency was reported by Strathcona County residents.

Cryptocurrencies come with inherent risks, especially when investors do not conduct thorough research. Fraudsters are creating professional-looking websites, promising high returns with little to no risk, and are convincing in luring victims into handing over their money.

These scams are designed to look legitimate, making it even more important for potential investors to verify the authenticity of any platform or individual before engaging in transactions. In particular, the RCMP has seen victims being targeted through Facebook advertisements, often citing that their "platforms" are “endorsed” by high profile persons.

For more information on red flags to watch out for and safety tips when investing with cryptocurrency please see: https://www.strathcona.ca/emergencies-enforcement/safety/online-safety/cryptocurrency-safety/

Victims of cryptocurrency scams are encouraged to report fraud incidents to the their local police and the Canadian Anti-Fraud Centre. It is very difficult to recover victims’ funds, as cryptocurrency moves quickly, and often out of the country to exchanges or countries that Canadian Authorities may not be able to work with. However, raising awareness can help protect others from falling victim to similar fraud schemes. 

The Strathcona County General Investigations Financial Crime Unit has been conducting fraud presentations open to the public and is inviting community members to attend a presentation scheduled for:

  • March 11, 2025 at 1 p.m. in Meeting Room 2 at the Strathcona County Library, 401 Festival Lane, Sherwood Park.

If anyone has information regarding criminal activity within the area of Strathcona County they are asked to contact Strathcona County RCMP at 780-467-7741. If you wish to remain anonymous, you can contact Crime Stoppers at 1-800-222-8477 (TIPS), online at www.P3Tips.com or by using the “P3 Tips” app. To report crime online, or for access to RCMP news and information, download the Alberta RCMP app through Apple or Google Play.