Calgarians have lost $22.5 million to 340 reported crypto scams this year, city police have warned.
Citizens of the Canadian city of Calgary have lost more than $22.5 million this year alone, claiming 340 crypto-related scams.
The Calgary Police Service has lost more than $22.5 million in cryptocurrency fraud so far, up from an estimated $14 million last year, the Calgary Police Service said in a report Monday.
In the year In 2022, the city will face 321 cases of fraud related to digital assets and this year it will increase to 340 registered cases, the statement said. There are still many unreported cases of crypto fraud, despite these staggering losses.
In our third week of Cyber Security Awareness Month, we are educating citizens about the red flags of these scams.
According to the police, while cryptos are mostly “legal”, fraudsters find it an easy way to link to various scams as it is an “unregulated marketplace”.
Sergeant Graeme Smiley of the Calgary Police Cyber Forensics Unit said, “It's important for citizens to know that while cryptocurrency can be used legally, fraudsters often trick victims by promising a quick way to make money.”
The most common scams
According to the City of Calgary report, common scams include those promising high profits, persuading victims to keep sending more money, romance scams and scammers impersonating representatives of government or financial institutions. These reports have set high records in recent times.
“Our goal in Cyber Security Awareness Month is to help citizens recognize the signs of fraud,” the police department added.
In addition, Smiley said the city has a separate “blockchain investigative team dedicated to investigating these types of scams.”
Police warned citizens
The Calgary Police Service has warned citizens to be aware of the most common scams related to cryptos. “Only fraudsters ask for full payment in advance,” the police warned, adding that legitimate businesses and government organizations do not ask for payment in advance “especially in cryptocurrency.”
He also urged citizens to be aware of the false promises and guarantees given by fraudsters in order to get a large income in a short period of time.
“If you receive an unsolicited message from someone's app or dating site and they want to show you how to invest in crypto or ask you to send them crypto, this could be a scam,” the warning read.
