Citizens of Calgary Fall Victim to 340 Crypto Scams, Losing $22.5 Million
The city of Calgary in Canada has seen an alarming rise in cryptocurrency scams, with its residents losing over $22.5 million this year alone, according to a report by the Calgary city police service. This marks an increase from the approximately $14 million lost last year. The report reveals that there have been 340 reported cases of crypto-related scams so far this year, up from 321 cases in 2022. However, it is believed that there are still more unreported cases. The police attribute the prevalence of scams to the deregulated nature of the cryptocurrency market.
Most Common Frauds
The report highlights several common types of scams that have affected Calgary citizens. These include promises of high-profit returns, continuous requests for additional funds, romance scams, and scammers impersonating government or financial institution representatives. The Calgary Police Service’s goal during Cyber Security Awareness Month is to educate citizens about these scams and help them identify potential warning signs. Additionally, the police have a dedicated Blockchain Investigative Team to investigate these types of scams.
Police Warning
The Calgary Police Service warns citizens to be vigilant and cautious when dealing with cryptocurrency-related transactions. They emphasize that legitimate businesses and government organizations do not demand full payment upfront, especially in cryptocurrency. Furthermore, they advise individuals to be skeptical of promises and guarantees of high returns in a short period of time. Unsolicited messages from individuals on apps or dating sites offering investment advice or requesting crypto payments are likely scams.
Hot Take: Protect Yourself from Cryptocurrency Scams
Cryptocurrency scams continue to pose a significant threat to individuals worldwide, including residents of Calgary. It is crucial to stay informed and educated about the red flags and common tactics used by scammers. Be wary of promises of quick money, demands for full payment upfront, and unsolicited messages from unknown individuals. Always verify the legitimacy of businesses and organizations before engaging in any financial transactions. By staying vigilant and cautious, you can protect yourself from falling victim to cryptocurrency scams.
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