Fraud continues to affect the Richmond community, police say

Richmond RCMP says fraud continues to affect the community as scammers use increasingly sophisticated tactics against individuals and businesses. Police continue to receive reports of investment, impersonation, online marketplace and currency exchange fraud.

Anyone can be targeted, and vigilance remains one of the most effective ways to prevent victimization, police said. Cpl. Denise Kam of the Richmond RCMP Economic Crime Unit said fraudsters rely on urgency and trust, and verifying a transaction before sending money can help prevent a loss.

Police said currency exchange scammers increasingly target people seeking exchange services through social media, online marketplaces, messaging apps and unofficial exchange services. Victims may be persuaded to send money overseas, only to find that the promised Canadian funds never arrive or that they receive counterfeit or fraudulent cheques that later bounce.

Warning signs include exchange rates far 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 act quickly for a “limited-time” rate, and people unwilling or unable to provide identification or use a reputable financial institution.

Richmond RCMP advises people to use reputable banks, credit unions or licensed currency exchange businesses, verify an exchange service before sending money and avoid transferring funds to unknown individuals or businesses. Suspicious activity can be reported to local police and the Canadian Anti-Fraud Centre.