Residents in Calgary have been warned by the Calgary Police Service (CPS) about scammers who promise large profits on cryptocurrency investments. More than $22 million has been lost by Calgary victims in 2023, primarily as a result of investment frauds. In comparison to the $14 million in 2022, this is a huge gain.
The number of bitcoin scam cases reported to the CPS increased to 340 instances so far in 2023 from 321 cases in 2022. The police, who contend that cryptocurrency frauds are underreported, believe that these numbers do not accurately reflect the entire damage incurred by victims.
The CPS has urged Canadian investors to take vigilance and be wary of the numerous strategies that con artists employ to steal their money in light of the steadily rising number of fraud cases. Canadian investors were victims of investment frauds the most frequently. Promises of exorbitant returns on cryptocurrency investments, according to the police, should be viewed as a warning sign because only scammers would promise such high gains.
Authorities urged citizens to report any suspicious behaviour and noted that government organisations won’t demand full payment over the phone, particularly in cryptocurrency, or issue threats. A Blockchain Investigative Team has been established by the Calgary Police Service Cyber Forensics Unit to look into these kinds of scams.
According to a recent study by the Dais, a think tank affiliated with Toronto Metropolitan University, 35% of Canadian cryptocurrency owners, or one-third of all holdings, had fallen victim to cryptocurrency fraud. The majority of Canadian respondents said they had little faith in cryptocurrency exchanges. In order to deceive investors, scammers have been known to set up false accounts with the gold verification checkmarks that are typically reserved for reputable commercial organisations.