Calgary Residents Lose Over $22 Million to Crypto Scams in 2023

According to CryptoPotato, the Calgary Police Service (CPS) has issued a warning to residents about fraudsters promising high returns on crypto investments. In 2023, victims in Calgary have lost more than $22 million, mostly to investment scams. This is a significant increase from the $14 million recorded in 2022.The CPS reported 321 cases of cryptocurrency scams in 2022, followed by an increase to 340 cases so far in 2023. However, the police believe these figures do not represent the total loss suffered by victims, stating that crypto scams are underreported.With the steady rise in fraud cases, the CPS has asked Canadian investors to exercise caution and be wary of the various means that scammers use to steal their money. Investment scams were the most common type of scams suffered by Canadian investors. The police have advised that promises of hyperbolic returns on crypto investments should be seen as a red flag, stating that only fraudsters would guarantee such high profits.Authorities also noted that government agencies will not demand full payment over the phone, especially in crypto, or offer threats and asked residents to report any suspicious activity. The Calgary Police Service Cyber Forensics Unit has a Blockchain Investigative Team dedicated to investigating these types of scams.A previous survey published by the Toronto Metropolitan University’s think tank, the Dais, revealed that one-third of crypto holders in Canada, amounting to about 35%, have been victims of crypto fraud. Almost half of the Canadian respondents said they had low trust in crypto exchanges. Scammers have also been known to impersonate legitimate companies to defraud investors, setting up fake accounts with gold verification checkmarks usually reserved for legitimate business organizations.