Calgary residents have fallen victim to crypto scams, with investment scams leading the way, resulting in over $22 million in losses in 2023. Authorities warn of the underreporting of crypto scams and advise caution in the face of fraudulent promises.
In 2023, the city of Calgary witnessed a surge in crypto fraud cases, with a total of 340 reported incidents, marking a significant increase from the previous year. Investment scams emerged as the favored tactic among fraudsters. Victims in Calgary have been lured into these schemes with promises of substantial returns on crypto investments, resulting in a staggering loss of over $22 million, according to the Calgary Police Service (CPS).
The authorities, however, stress that these figures likely underestimate the true extent of losses as crypto scams are often underreported. The CPS is urging Canadian investors to exercise caution, emphasizing that unrealistic claims of hyperbolic profits should be treated as red flags. These extraordinary returns are typically a telltale sign of fraudulent activities.
Moreover, residents are reminded that government agencies will not demand immediate payment, especially in cryptocurrency, and should not resort to threats. Any suspicious activity should be promptly reported.
Staff Sergeant Graeme Smiley of the Calgary Police Service Cyber Forensics Unit emphasized the importance of awareness and noted the establishment of the Blockchain Investigative Team to tackle cryptocurrency fraud.
