TrustChekrCrypto Scams in Canada — What the CAFC Is Seeing
Canadian crypto fraud losses are rising fast. The Canadian Anti-Fraud Centre tracks cryptocurrency as the leading payment method in investment scams. An overview of what is happening, which scams are hitting Canadians hardest, and where to report them.
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The CAFC's 2025 report showed $704 million in total fraud losses across Canada — and investment fraud, increasingly paid in cryptocurrency, was the single largest category. Crypto is now the #1 payment method in Canadian investment scams. The Ontario Securities Commission has issued over 20 investor alerts about crypto schemes since 2022.
The dominant scam pattern is the romance-investment hybrid. It starts on Hinge, Bumble, or Instagram. The scammer invests weeks building a relationship before introducing a "trading opportunity" — typically a slick-looking app or website showing fake returns. Victims are coached to buy crypto through a legitimate Canadian exchange like Newton or Shakepay, then transfer it to the scammer's wallet. The RCMP says average losses run between $100,000 and $500,000 per victim. Police forces across Ontario and British Columbia have issued repeated public warnings.
Bitcoin ATM scams are surging. Canada has over 3,500 crypto ATMs — more per capita than almost any country on Earth — and FINTRAC has flagged them as a top money laundering vector. The CAFC reported $14.2 million in ATM-specific crypto scams in 2024, with another $4.2 million in Q1 2025 alone. Scammers call victims pretending to be the CRA, local police, or a utility company, then instruct them to deposit cash into a Bitcoin ATM using a QR code. The money flows directly to the scammer's wallet. The RCMP seized over 200 machines in 2024. The CAFC warns that no government agency will ever ask for payment through a Bitcoin ATM.
Fake Canadian exchanges are another growing threat. Scammers build professional websites claiming registration with FINTRAC or the OSC. They are not. The CSA has mandated dealer registration — 48 Ontario platforms were registered as of 2025, while platforms like ezBtc, Coinsquare, and Peakrise have been shut down or sanctioned. Before depositing money anywhere, check the Canadian Securities Administrators' registered firm list at aretheyregistered.ca or securities-administrators.ca. If a platform does not appear on either list, do not send it money.
If you have been scammed, act fast. Report to the CAFC at 1-888-495-8501 or antifraudcentre.ca. File a report with your local police and the RCMP's National Cybercrime Coordination Centre (NC3). Contact the OSC if the scam involved an investment pitch. Notify the exchange where you bought the crypto — Newton, Shakepay, and Coinbase can sometimes freeze receiving wallets if the scammer has not moved the funds yet. Hours matter.
Crypto is legal and widely used in Canada. The technology is not the problem — irreversible payments attract criminals the same way wire fraud existed before email. Three rules will protect you: never send crypto to anyone you have not met in person, verify every platform through official registries before depositing a single dollar, and remember that guaranteed returns do not exist in any asset class — crypto or otherwise.
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Editorial note: This article reflects the state of publicly available information at the time of writing. Business practices, ownership, and safety records change over time. TrustChekr is not affiliated with any company reviewed here and does not receive payment for editorial coverage. Verdicts are based on documented evidence and are subject to revision.