Fraud continues to affect the Richmond community, police say

Fraud continues to affect the Richmond community as scammers use increasingly sophisticated tactics against individuals and businesses, Richmond RCMP say. Police continue to receive reports of investment, impersonation, online marketplace and currency exchange scams, and say anyone can be targeted.

Corporal Denise Kam of the Richmond RCMP Economic Crime Unit said fraudsters rely on urgency and trust. Taking time to verify a transaction before sending money can help prevent victimization, she said. Currency exchange fraud is one of many schemes used to exploit trust and create a false sense of urgency.

Police say fraudsters are increasingly offering attractive exchange rates to people seeking currency exchange services through social media, online marketplaces, messaging apps and unofficial exchange services. Victims may be persuaded to send money overseas, then find that the promised Canadian funds never arrive or receive counterfeit or fraudulent cheques that later bounce.

Warning signs include rates substantially better than those offered by legitimate financial institutions, requests to transfer money before receiving currency, transactions arranged through social media or messaging apps, pressure to secure a limited-time rate, and people who will not or cannot provide identification or use a reputable financial institution.

Richmond RCMP advise people to use reputable banks, credit unions or licensed currency exchange businesses; verify an exchange service before sending money; avoid transferring funds to unknown people or businesses; and be cautious of unsolicited offers that seem too good to be true. Suspicious activity can be reported to local police and the Canadian Anti-Fraud Centre.