The Canadian Anti-Fraud Centre is noticing an increase in romance/investment scams which are often referred to as "pig butchering". In these scams, victims are contacted on dating apps or social media by a fraudster who is attempting to develop a relationship with the victim in order to gain the victim's trust. After trust is gained, the fraudster will claim that they have been a successful investor in cryptocurrency and can help the victim also make money and "get rich".

Fraudsters use fake online trading platforms and convince victims to transfer funds or cryptocurrency into their trading account. In most of the reports received at the CAFC, victims are instructed to purchase cryptocurrency from a legitimate exchange and transfer it to a crypto address controlled by the fraudster. Occasionally, the victim will be able to withdraw a small amount of their "investment" in the hopes they'll be persuaded to invest even more of their money. The fraudster will do everything it takes to make you think the investment is legitimate and lucrative. In most cases, victims realize they have been defrauded when they try to withdraw their funds and are unable to.

The Canadian Anti-Fraud Centre has information on its website on recent scams and frauds, how to protect yourself, how to report a fraud and what to do if you're a victim.