TL;DR: On September 22, 2026, Richmond RCMP said fraud continues to affect the community and that scammers are using more sophisticated tactics. Police are receiving reports of investment, impersonation, online marketplace and currency exchange fraud. The release describes no specific incident or loss.
What happened
The Richmond RCMP release explains how the currency exchange scam works: fraudsters advertise unusually favourable exchange rates on social media, online marketplaces, messaging apps and unofficial exchange services. Victims are persuaded to send money overseas, but the promised Canadian funds never arrive, or victims receive counterfeit or fraudulent cheques that later bounce.
Corporal Denise Kam of the Economic Crime Unit says fraudsters rely on urgency and trust, so taking time to verify before sending money is a key protection.
Why it works
A rate that beats the bank looks like a bargain, and a deal arranged over chat feels informal and quick. The risk only shows up after money has left.
No charges are mentioned in the release.
Background: our explainers on fake check scams and online marketplace scam rules. See also Saskatchewan RCMP: Trucking Firms Hit by Stolen-Card Phone Orders and C$3.5M Recovered After Payment Redirection Fraud on Quebec Firm.
What Richmond RCMP advise
- Watch for rates well above what banks offer, requests to send money before you receive any currency, deals arranged over social media or messaging apps, and pressure to act on a limited-time rate.
- Be wary of people who will not provide ID or use a reputable institution.
- Use only banks, credit unions or licensed exchange businesses, and verify any exchange service before sending money.
- Report suspicious activity to local police and the Canadian Anti-Fraud Centre.
If you have already sent money
Call your bank or card issuer at once and ask to stop or recall the payment, then report it to the Canadian Anti-Fraud Centre (1-888-495-8501) and your local police. Our guides on reporting to the Canadian Anti-Fraud Centre, Canadian bank impersonation scams and how to reverse a wire transfer scam walk through the steps, and what to do after a scam, wherever you live covers the first 24 hours. Scammers often start with details taken from past leaks, so run our free digital footprint check to see what of yours is already exposed.
Frequently Asked Questions
How does the currency exchange scam work?
Fraudsters advertise unusually favourable rates, persuade victims to send money overseas, and then the promised Canadian funds never arrive or fraudulent cheques bounce.
What are the red flags?
Rates well above what banks offer, requests to send money first, deals over social media or messaging apps, limited-time pressure and people who will not use a reputable institution.
Who should I use to exchange currency?
Only banks, credit unions or licensed exchange businesses, according to Richmond RCMP.
Where do I report it?
To local police and the Canadian Anti-Fraud Centre.
Sources
- RCMP Richmond: Fraud continues to impact the Richmond community (Sep 22, 2026)
- Canadian Anti-Fraud Centre
Related Reading
- Saskatchewan RCMP: Trucking Firms Hit by Stolen-Card Phone Orders
- C$3.5M Recovered After Payment Redirection Fraud on Quebec Firm
- Nuvei to Pay $4.85M Over Payments for Tech Support Scams
- Canada Scam News: October 2026 Roundup and Warnings
- Average Loss per Victim by Scam Type (2025)
- What to do after a scam, wherever you live