The city of Calgary in Canada has seen a significant increase in cryptocurrency scams, with citizens losing over $22.5 million this year alone. The Calgary city police service reported that there have been 340 cases of crypto-related scams, compared to 321 last year. Despite these losses, there are likely more unreported cases. The police are educating citizens about the warning signs of these scams during Cyber Security Awareness Month. While cryptocurrency is a legitimate form of currency, scammers take advantage of its deregulated nature to carry out fraud. Common scams include promising high-profit returns, requesting additional funds, romance scams, and impersonating government or financial institution representatives. The police have warned citizens to be cautious and not to make upfront payments or fall for promises of quick returns. They also advised being wary of unsolicited messages on dating apps or websites offering investment advice or asking for cryptocurrency.
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