The Calgary Police Service has issued a warning to residents about the increasing number of crypto-related scams in the city. According to a report from the police, residents in Calgary have lost over $22.5 million to these scams in 2023, a significant increase from the $14 million recorded in 2022. The police believe that these figures do not represent the total loss suffered by victims, as crypto scams are often underreported. The police have urged Canadian investors to exercise caution and be wary of promises of high returns on their crypto investments, as these are often red flags for fraud. Investment scams were found to be the most common type of scams suffered by Canadian investors. The police also highlighted that government agencies will not demand full payment over the phone, especially in crypto, and urged residents to report any suspicious activity. To address the issue, the Calgary Police Service has established a Blockchain Investigative Team dedicated to investigating cryptocurrency scams. A survey conducted by the Toronto Metropolitan University’s think tank revealed that one-third of crypto holders in Canada have been victims of crypto fraud, and almost half of the respondents expressed low trust in crypto exchanges. Scammers often impersonate legitimate companies to defraud investors, and some have even set up fake accounts on platforms with gold verification checkmarks to deceive users. The police emphasized the need for citizens to be aware of the risks associated with cryptocurrency and to be cautious when engaging in crypto-related activities.

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Information	Details
Geography	North America
Countries	🇨🇦
Sentiment	negative
Relevance Score	1
People	Graeme Smiley
Companies	Binance, Toronto Metropolitan University’s think tank (Dais), Calgary Police Service (CPS), X, PrimeXBT
Currencies	None
Securities	None