The Calgary Police Service (CPS) is educating people about the red flags of cryptocurrency scams after more than $22.5 million has been lost in 340 scams so far this year. “It is important for citizens to know that while cryptocurrency can be used legitimately, fraudsters often lure victims with promises of a quick way to make money,” said CPS Cyber Forensics Unit Staff Sgt. Graeme Smiley in a press release. “During Cyber Security Awareness Month, our goal is to help citizens spot the signs of a potential scam.”In 2022, CPS said Calgarians lost about $14 million in 321 reported cryptocurrency scams. Despite these staggering losses, it said cryptocurrency scams are believed to be underreported. While the vast majority of cryptocurrency is legitimate, it is a deregulated marketplace and has been used by scammers as a form of payment to various frauds at times. The most common scams are investments promising a large return on funds, convincing victims to keep sending more, employment opportunities, romance scams and scammers posing as financial institutions or government agencies threatening a consequence or penalty if money is not paid. CPS reminded people only scammers will demand payment upfront. It said legitimate businesses, organizations, and government agencies will not demand payment in advance, over the phone or use threats if payment is not received. Only scammers will guarantee profits or large returns. People should be skeptical of those who promise or guarantee quick, easy money in the cryptocurrency market with minimal effort. It asked people to beware of social media friend requests or online dating apps mentioning cryptocurrency investments. If people receive an unsolicited message from a person on an app or a dating site wanting to show them how to invest in crypto, it is likely a scam. A crypto investment promise can be disguised as an account takeover, as for businesses, most people do not need access to all data on a network and do not need administrative privileges. Businesses should restrict giving permissions and access to people that need it for their responsibilities. “For those who have fallen victim to a cryptocurrency fraud, we now have the Blockchain Investigative Team who are dedicated to investigating these types of scams,” said Smiley. Anyone who has suffered a financial loss because of fraud or extortion is asked to contact police by calling (403) 266-1234 or Crime Stoppers at 1 (800) 222-8477.
The Calgary Police Service (CPS) is educating people about the red flags of cryptocurrency scams after more than $22.5 million has been lost in 340 scams so far this year. “It is important for citizens to know that while cryptocurrency can be used legitimately, fraudsters often lure victims with promises of a quick way to make money,” said CPS Cyber Forensics Unit Staff Sgt. Graeme Smiley in a press release. “During Cyber Security Awareness Month, our goal is to help citizens spot the signs of a potential scam.”In 2022, CPS said Calgarians lost about $14 million in 321 reported cryptocurrency scams. Despite these staggering losses, it said cryptocurrency scams are believed to be underreported. While the vast majority of cryptocurrency is legitimate, it is a deregulated marketplace and has been used by scammers as a form of payment to various frauds at times. The most common scams are investments promising a large return on funds, convincing victims to keep sending more, employment opportunities, romance scams and scammers posing as financial institutions or government agencies threatening a consequence or penalty if money is not paid. CPS reminded people only scammers will demand payment upfront. It said legitimate businesses, organizations, and government agencies will not demand payment in advance, over the phone or use threats if payment is not received. Only scammers will guarantee profits or large returns. People should be skeptical of those who promise or guarantee quick, easy money in the cryptocurrency market with minimal effort. It asked people to beware of social media friend requests or online dating apps mentioning cryptocurrency investments. If people receive an unsolicited message from a person on an app or a dating site wanting to show them how to invest in crypto, it is likely a scam. A crypto investment promise can be disguised as an account takeover, as for businesses, most people do not need access to all data on a network and do not need administrative privileges. Businesses should restrict giving permissions and access to people that need it for their responsibilities. “For those who have fallen victim to a cryptocurrency fraud, we now have the Blockchain Investigative Team who are dedicated to investigating these types of scams,” said Smiley. Anyone who has suffered a financial loss because of fraud or extortion is asked to contact police by calling (403) 266-1234 or Crime Stoppers at 1 (800) 222-8477.
