Buying Bitcoin in Canada? Watch Out for Romance Scams!

Love and companionship are fundamental human desires, and in today’s digital world, more Canadians than ever are turning to online platforms to find romance. With the rise of digital dating and social media, romance scams have become an alarming threat, particularly when fraudsters exploit cryptocurrency transactions. If you’re looking for love or just safeguarding yourself against potential fraud, understanding the most common romance scams in the crypto space is crucial.

At MyBTC.ca, we’re committed to being there for Canadians so they can buy bitcoin in Canada and sell bitcoin in Canada safely. We’ve also listened to our client’s voices and added ethereum to the roster so you can buy or sell ETH and send from our platform using a simple, over-the-counter model that is non-custodial, meaning we’ll never HODL onto your crypto for you. In this guide, we’ll outline prevalent scams and offer actionable advice to help you stay protected.

According to the Canadian Anti-Fraud Centre, romance scams cost Canadians over $50 million in 2023 alone. Fraudsters use dating apps, social media, and even email to establish fake relationships with unsuspecting victims. Once trust is gained, they introduce investment opportunities or create financial emergencies that require cryptocurrency transactions, making it difficult to trace or recover stolen funds.

(Photo Credit: Canadian Anti-Fraud Centre)

Crypto romance scams have surged due to the anonymity and irreversible nature of blockchain transactions. If you’re looking to buy bitcoin in Canada, it’s essential to be aware of the tactics scammers use to avoid falling victim.

Common Romance Scams Involving Cryptocurrency

One of the most dangerous scams involves fraudsters convincing victims to invest in a fake cryptocurrency scheme. The scammer claims to be a seasoned investor and promises high returns if the victim buys bitcoin or other crypto assets and transfers them to a designated platform. Initially, victims may see fake profits, but when they try to withdraw their funds, they realize their money is gone.

Another prevalent tactic is the "emergency scam," where fraudsters fabricate financial crises that require urgent assistance. They might claim to need funds for medical emergencies, legal fees, or travel expenses, all while persuading their victims to send bitcoin or other cryptocurrencies as a fast and secure way to transfer money. Because crypto transactions are irreversible, victims often lose their money permanently.

Either of these or others can be incorporated into a romance scam with a twist of love or allure, so always be on the lookout!

A particularly insidious method is the "fake military deployment" scam, in which the scammer pretends to be a deployed soldier who is unable to access their finances. They establish an emotional connection with the victim, using elaborate stories to manipulate them into sending funds. The scammer may even provide fake documents or photographs to enhance credibility, making it harder for victims to recognize the deception.

A more sophisticated version of romance fraud is "pig butchering," where scammers spend weeks or even months building trust with their targets. This long-game approach often includes introducing fake investment opportunities, claiming the victim can multiply their money by buying crypto in Canada and sending it to a fraudulent trading platform. Initially, the victim might see small returns, but once they invest more significant amounts, the scammer vanishes, taking all the funds with them.

Another common ploy involves gift card scams, where scammers first request gift cards as a small financial favour. Over time, they guide victims into exchanging those gift cards for bitcoin or other cryptocurrencies, which are then sent to the scammer’s wallet. This tactic allows scammers to gradually increase the amounts they request while maintaining the illusion of a trustworthy relationship.

How Canadians Can Avoid Falling Victim to Crypto Romance Scams

Staying skeptical of fast-moving relationships is one of the best ways to protect yourself. If someone you meet online quickly expresses love or commitment, it may be a red flag. Fraudsters rely on emotional manipulation, making it crucial to maintain a level-headed approach when forming online relationships.

It’s also essential to never send money or cryptocurrency to someone you haven’t met in person. Scammers are skilled at crafting convincing narratives, but a genuine relationship should never be based on financial transactions. If an online acquaintance asks for money — especially in bitcoin — consider it a strong warning sign.

Verifying the identity of a potential partner is another crucial step. Conducting reverse image searches can reveal if their profile photos are stolen from someone else, and inconsistencies in their story can indicate deception. If they refuse video calls or claim their camera is broken, this is another major red flag. Some scammers may want you to buy bitcoin with credit card which one might think is safer, but that’s a fallacy. Remember, once your bitcoin has been compromised, it’s highly likely that the funds are lost forever.

Being aware of inconsistencies in communication is another important safeguard. Pay attention to how their stories evolve over time — scammers often slip up and provide conflicting details. Asking questions and pushing for details can sometimes expose their dishonesty. Similarly, be wary of individuals who claim to live nearby but are constantly unavailable to meet in person due to work or travel.

Understanding how cryptocurrency transactions work is fundamental to avoiding scams. Unlike bank transactions, crypto payments are irreversible, meaning once funds are sent, they cannot be retrieved. When buying bitcoin in Canada, always use reputable platforms like MyBTC.ca to ensure your transactions remain secure.

If you suspect you’ve encountered a romance scam, report it immediately to the Canadian Anti-Fraud Centre and local authorities. The sooner a scam is reported, the better the chances of preventing further victimization.

How MyBTC.ca Helps Canadians Buy and Sell Bitcoin Safely

At MyBTC.ca, we prioritize the security of our users. If you're looking to buy bitcoin or ether in Canada, our platform offers strong-as-hell security measures and top-ranked customer support to assist with any concerns regarding potential scams. We believe that by staying informed and taking proactive steps, Canadians can navigate the crypto space with confidence while protecting their finances from fraudsters.

Romance scams are a growing threat, but with the right precautions, you can avoid falling victim. This Valentine’s Day, enjoy the search for love, but remain cautious, stay educated and protect yourself against scams. If you ever have concerns about a transaction, reach out to our support team at MyBTC.ca.

Stay safe, Canada!