In the realm of cryptocurrency, losses due to exploitation, scams, and frauds are continuously rising day by day as people become more aware of cryptocurrencies. Earlier this month, it was observed that from the start of this year until now, losses caused by these activities have gained a staggering over $1.3 billion so far this year.
Calgary citizen loses $22.5 million in Cryptocurrency scams
Recently, on October 17, 2023, the Canadian police issued a report for a citizen of Calgary, Alberta, as they have lost almost $22.5 million in 340 reported cryptocurrency scams this year. However, earlier this year, these losses were about $14 million in just 321 reported cryptocurrency scams.
Alberta officials also informed the citizens that these losses were caused by employment scams, romance scams, and scammers posing as government agencies, and these are common scam practices by fraudsters.
The Cyber Forensics Unit’s official, Staff Sergeant Graeme Smiley, stated that it is important for citizens to understand that while cryptocurrency can be used legitimately, most of the time, fraudsters often trick citizens with fake promises of quick schemes to make profits. In light of these continuously rising cryptocurrency scams, the Calgary police have initiated a monthly awareness campaign to help citizens identify the signs of potential scams.
Calgary Police’s Awareness Campaign
During the monthly awareness campaign, the Calgary police point out some common tactics to identify potential scams:
- Scammers are the only ones who will demand full payment upfront.
- Scammers are the only ones who guarantee profits or big returns.
- Beware of social media friend requests or online dating apps that mention cryptocurrency investments.
- A promise of crypto investment could lead to someone taking over your account.
Recently, a few months back in July 2023, two teenagers from Canada were charged as they stole a significant $4.2 million worth of Bitcoin and Ethereum. These scams were conducted as they proclaimed to be officials of Coinbase customer support, as reported by Todayq News on July 6, 2023.