The Calgary Crypto Scam: Beware of Imposters
The city of Calgary, Alberta, is warning its residents about a crypto scam where fraudsters pose as police officers. This scam has caused victims to lose thousands of dollars and is a variant of a long-familiar criminal tactic.
Key Points:
- Scammers pretend to be Calgary police officers, demanding payment for substantial legal fees or lawyer fees for a family member who has been arrested.
- Some scammers even spoof phone numbers to appear more legitimate.
- Other scammers pose as officers offering help in recovering lost funds through a costly third-party “cyber agency” and consistently request funds in Bitcoin.
- Calgary police advise citizens to ask for police identification and to call Canada’s non-emergency number for further verification if in doubt.
- Scammers have targeted Canadians before, impersonating officials from the Canada Revenue Agency and the Royal Canadian Mounted Police.
The use of Bitcoin and other cryptocurrencies by scammers makes it difficult to trace and recover funds. Crypto scams are a significant concern for Canadians, with one in three crypto traders falling victim to them. However, illicit activity in cryptocurrency remains a small share of total volume, less than 1%.
Hot Take:
It is crucial to stay vigilant and skeptical when it comes to crypto scams. Remember to verify the legitimacy of any unexpected requests for money, especially if they involve law enforcement. By being cautious and seeking verification, you can protect yourself from falling victim to these fraudulent schemes.