Calgary Citizens Report 340 Cryptocurrency Scam Cases, But Police Believe the Number is Higher
According to the Calgary Police Service, citizens in Calgary, Canada, have fallen victim to at least 340 cryptocurrency scams in 2023, resulting in a total loss of over $22.5 million worth of crypto. This figure represents a 60% increase from the previous year, where around $14 million was lost in 321 reported cases. However, the police suspect that the actual number of incidents is much higher due to underreporting.
“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.”
Staff Sergeant Graeme Smiley of the Calgary Police Service Cyber Forensics Unit
The police are urging victims of crypto scams to report their cases by contacting the non-emergency number. In Canada as a whole, fraud schemes resulted in losses of over half a billion dollars in 2022, a 40% increase from the previous year’s $380 million. Globally, the crypto industry lost nearly $890 million in Q3 2023 due to various forms of cybercrime.
Crypto Investors Advised to Safeguard Assets Amidst Rising Scams and Hacks
In recent months, hackers and scammers have taken advantage of vulnerabilities in the crypto industry, resulting in substantial financial losses. Analysts at Beosin revealed that Q3 2023 saw global losses of over $890 million due to hacks, scams, and rug pulls. This amount exceeded the cumulative losses from the first half of the year.
The data showed that cyberattacks accounted for over $540 million in losses, with rug pulls and phishing scams contributing $282.9 million and $66.1 million, respectively. To protect their assets, cryptocurrency investors often rely on secure digital wallets. However, some hardware wallet providers recommend keeping backup seed phrases on paper, which may pose a risk in cases of home invasions.
Hot Take: Protecting Yourself from Crypto Scams and Security Breaches
Crypto scams and security breaches continue to pose a significant threat to investors worldwide. It is crucial to remain vigilant and take proactive steps to safeguard your assets. First and foremost, be cautious of any promises or schemes that offer quick and guaranteed returns. Remember that legitimate investments involve risk and do not guarantee overnight wealth.
If you suspect a crypto scam or have fallen victim to one, it is essential to report the incident to the relevant authorities immediately. Contact your local police department or use the designated non-emergency number provided by law enforcement agencies.
Additionally, prioritize the security of your digital wallets. Choose reputable wallet providers with robust security measures in place. Regularly update your software and firmware to ensure you have the latest protections against potential vulnerabilities.
Lastly, consider storing your backup seed phrases securely. While some hardware wallet providers suggest keeping them on paper, explore alternative methods such as encrypted storage devices or password managers for added protection.
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