BBB serving Mainland BC President Danielle Primrose and Victor Hammill with the Competition Bureau of Canada speaking at National Top 10 Scams. (CompBureau/Twitter)

Weight loss, cryptocurrency fraud among BBB’s top 10 scams of 2017

Better Business Bureau releases its best-of-the-worst in reported fraud last year

Online dating, weight loss and cryptocurrency scams were among the Better Business Bureau’s list of top scams that duped Canadians out of millions of dollars last year.

On Wednesday, the organization released its 10 best-of-the-worst types of fraud of 2017, based on what was most commonly reported through the Canadian Anti-Fraud Centre and the BBB Scam Tracker website.

The total loss through fraudulent schemes has been steadily increasing in the past three years, primarily due to more consumers moving to online purchasing, BBB president Danielle Primrose said in a news conference.

Money-transfer wire fraud, also known as “spearphishing,” and income tax scams are also on this year’s list.

Fuelled by Canadians looking to maintain good health, Competition Bureau’s Victor Hammill said weight loss scams are one of the most concerning.

Scammers typically advertise products with “quick solutions and results” that come in the form of lotions and pills, he said.

New to the list this year: cryptocurrency scams. As more consumers look to bitcoin trading and other forms of virtual currency, many are vulnerable to fraudulent schemes.

READ MORE: Dozens of Cloverdale women involved in illegal ‘gifting clouds’

READ MORE: Tax season is upon us and that means the CRA scam will be in full force

While scammers bilked Canadians of more than $95 million, investigators believe about five per cent of victims actually come forward to report their loss, suggesting that actual losses across the country are closer to $2 billion.

The national list comes just days after the Mission RCMP and Federal Serious and Organized Crime Unit arrested four people believed to be involved in “gifting circles,” a pyramid scheme that’s made its round through B.C. in the past, that could involve more than 1,000 people in the Lower Mainland.

“Everyone is a target now,” Primrose said. “Staying informed and on top of the numerous ways scammers try and get your money is key to making sure you don’t fall victim. That’s why we do this every year. Recognize it, report it, stop it.”

Top 10 scams:

  1. Online purchase scams
  2. Wire fraud, or spearphishing
  3. Online dating scams
  4. Employment scams
  5. Cryptocurrency scams
  6. Income Tax scams
  7. Miracle weight loss scams
  8. Advance fee loans
  9. Shady contractor services
  10. Fake invoices

@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Ahousaht welcomes massive Surfrider Canada conference to Meares Island near Tofino

“It was the first time we’ve all come together.”

Alberni RCMP kept busy with 170 calls over May long weekend

Detachment answers calls from fatal vehicle crash to man with a gun, trailer thefts

Celebrate cycling in Port Alberni during Bike to Work and School Week

Numerous ‘celebration stations’ are planned for May 28 to June 2

Chaos and creativity reign at Alberni’s Rollin Art Centre

The next art exhibit at the Rollin Art Centre will be an… Continue reading

Ucluelet shakes up emergency services, removes manager, eyes new sirens

District has eliminated Emergency and Environmental Manager position

VIDEO: After the floods, comes the cleanup as Grand Forks rebuilds

Business owners in downtown wonder how long it will take for things to go back to normal

Study recommends jurors receive more financial and psychological support

Federal justice committee calls for 11 policy changes to mitigate juror stress

Research needed on impact of microplastics on B.C. shellfish industry: study

SFU’s department of biological sciences recommends deeper look into shellfish ingesting microbeads

B.C. dad pens letter urging overhaul of youth health laws after son’s fatal overdose

The Infants Act currently states children under 19 years old may consent to medical treatment on own

Singh sides with B.C. in hornet’s nest of pipeline politics for the NDP

Singh had called for a more thorough environmental review process on the proposal

VIDEO: B.C. woman gets up-close view of Royal wedding

Kelly Samra won a trip back to her home country to see Prince Harry and Meghan Markle say ‘I do’

Construction crane tips over at Nanaimo work site

Incident happened Wednesday morning at Turner Road and Uplands Drive

30 C in B.C., 30 cm of snow expected for eastern Canada

It might be hot in B.C., but the rest of Canada still dealing with cold

Horgan defends fight to both retain and restrict Alberta oil imports

Alberta says pipeline bottlenecks are kneecapping the industry, costing millions of dollars a day

Most Read