7 common crypto scams and how to avoid them Aug 10th

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7 common crypto scams and how to avoid them

– moneysense.ca

Cryptocurrency investing offers new and exciting opportunities, but it’s also rife with scams and tech-savvy con artists. And, as the money invested in crypto grows, so do the scams.

“Crypto investments are the top type of investment scams reported to CAFC (the Canadian Anti-Fraud Centre).” This is the grim truth according to Jeff Horncastle, the organization’s acting client and communications outreach officer.

In 2021 alone, 1,128 Canadians reported falling prey to cryptocurrency investment scams with crypto as the payment method, with losses amounting to about $38.5 million. Things are not looking good in 2022 either. In the first six months, over 1,000 Canadians were conned, with a total loss of nearly $35 million. And these are just the cases CAFC knows about. “It is estimated that less than 5% of Canadian victims report to the Canadian Anti-Fraud Centre,” says Horncastle.

Cryptocurrency scams are often intertwined with other types of scams. According to Horncastle, “In some cases, the scam starts as a romance scam and quickly turns into an ‘investment opportunity…

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