Law enforcement officials in Calgary, Alberta have issued warnings about cryptocurrency scams after residents lost more than $22.5 million to 340 reported crypto fraud cases this year. This surpasses 2021’s total of $14 million lost to 321 scams. Police believe these figures are vastly underreported.
The most common scams involve fake investment opportunities, romance scams, and delivery scams. Scammers promise returns on crypto investments or romance to steal funds. The police noted that scammers often demand upfront payment and that social media messages about crypto investments are likely scams.
With crypto crime still prevalent globally, Calgary residents should exercise caution when dealing with unsolicited crypto investment offers. Education is key to avoiding these frauds which have already cost Calgarians millions in 2022. Officials expect the problem to persist absent greater regulation in the crypto space.
