March is fraud prevention month, so this month, I will be highlighting several popular scams, and how to avoid them! 👨⚖️ 👮♂️
Crypto scams have increased exponentially over the past few years.
According to the FTC in the US, more than 46,000 people reported losing over $1 Billion USD in crypto through various scams between January 2021 and June 2022. That figure only represents what people have reported to the authorities.
In Canada, for 2022, the Canadian Anti-Fraud Centre received fraud and cybercrime reports totalling a staggering $530 CDN million in victim losses! 😯
Nearly a 40% increase from the unprecedented $380 CDN million in losses in 2021. 😢
Generally, consumers know very little when it comes to how crypto or digital currency works, and how to keep their assets safe. The other issue is because crypto does not come with any legal protection, no bank or central authority to flag transactions, it has created a market that is ripe for fraud.
When using crypto, be careful and thoughtful with your transactions. Make sure you understand the transaction, and if it sounds too good to be true, it probably is! 💸
Follow and stay connected for some common scams to watch for!
