Citizens of Calgary Fall Victim to Crypto Scams
According to a recent report, residents of Calgary, Canada have been targeted by a staggering number of crypto-related scams. The report, released by the Calgary city police service, reveals that in this year alone, citizens have lost over $22.5 million to these scams, a significant increase from the approximately $14 million lost last year. The report highlights that there have been 340 reported cases of crypto scams, but there are likely many more unreported cases.
Increasing Cases of Crypto Scams
The city of Calgary has seen a rise in scams related to digital assets in recent years. In 2022, there were 321 reported cases, and this year, that number has increased to 340. Despite the efforts of authorities, scammers continue to exploit the deregulated nature of the cryptocurrency market to carry out fraudulent activities.
“It is important for citizens to know that while cryptocurrency can be used legitimately, fraudsters often lure victims with promises of a quick way to make money,” said Staff Sergeant Graeme Smiley of the Calgary Police Service Cyber Forensics Unit.
The report identifies several common types of scams, including those that promise high-profit returns, convince victims to send additional funds, romance scams, and scammers impersonating government or financial institution representatives. These scams have reached alarming levels in recent years.
Protecting Citizens from Scams
- During Cyber Security Awareness Month, the Calgary Police Service aims to educate citizens on how to spot potential scams.
- The city has a dedicated Blockchain Investigative Team responsible for investigating crypto scams.
- Citizens are warned not to fall for scammers demanding full payment upfront, as legitimate businesses and government organizations do not operate this way, especially in cryptocurrency.
- Beware of fake promises and guarantees offering quick returns on investments. If someone on an app or a dating site approaches you to invest in crypto or asks for crypto payments, it is likely a scam.
“Only scammers will demand full payment upfront,” the police warned.
As technology continues to advance, it is crucial for individuals to stay informed about the risks associated with crypto scams. While cryptocurrencies can offer legitimate opportunities, it is important to exercise caution and stay vigilant to protect oneself from falling victim to fraudulent schemes.
