Calgarians Scammed: An Alarming Increase
Citizens of Calgary have seen a significant blow in 2023 due to increasing cases of cryptocurrency scams, leading to a loss of more than $22.5 million. According to official reports by the Calgary Police Service, there has been a substantial 60% increase in these fraud cases compared to the previous year.
Scams: ‘Vastly Underreported’
The 340 reported cases possibly only scrape the surface of the actual scale of scams that have occurred. The Calgary Police believe that many of these incidents have gone unreported. The real numbers might be lurking in the shadows, unnoticed but substantially affecting the victims.
Official Encouragement for Reporting Scams
Calgary Police encourages victims to come forward and report any cases of cryptocurrency scams. Officials emphasize the importance of reporting to uncover the actual depth and impact of these fraudulent activities.
A Glimpse at the Global Scale
On a broader level, the damage isn’t limited to Calgary or Canada. The global crypto industry has suffered losses amounting to almost $890 million in the third quarter of 2023 due to various scams, including hacks and rug pulls.
Securing Digital Wallets: A Challenge
Investors’ efforts to secure their digital assets in wallets haven’t proved entirely effective. Despite reliance on what is believed to be secure digital wallets, users still face vulnerabilities, with the hardware providing limited protection against scams and thefts.
Conclusion: A Clarion Call for Caution
The rising tide of scams in Calgary exemplifies a widespread issue affecting investors globally. This escalation points towards an urgent need for enhanced security measures and increased awareness among the cryptocurrency investors to safeguard their assets against the looming threats of fraudulent activities.