Beware of Cryptocurrency Scams: Canadian Citizens in Calgary Warned of Rising Fraud Cases

Canadian police have issued a targeted warning to citizens in Calgary, Alberta, regarding the rise in cryptocurrency scams. This comes after victims in the area have lost over $22.5 million so far this year. The number of reported crypto scams has increased significantly compared to the previous year, with 340 cases reported since the start of 2023, compared to 321 cases in 2022. However, law enforcement officials believe that these figures are vastly underreported. While the majority of cryptocurrency transactions are legitimate, scammers have taken advantage of the deregulated marketplace to carry out fraudulent activities. The Calgary Police have emphasized the importance of caution when dealing with cryptocurrency and have highlighted the most common types of scams, including investment scams where victims are promised more money in exchange for upfront payments. The police also warned against individuals online who promise large returns in the crypto markets, as well as those who mention crypto investments on social media and dating apps. It is crucial for individuals to be aware of these scams and exercise caution when engaging in cryptocurrency transactions.