• 35% of Canadian crypto owners have fallen victim to crypto fraud.
• The study was conducted via a representative survey of 2,000 Canadian residents.
• Over a third of those who have invested in digital assets have been lured into some sort of scam.
Crypto Scams are Common in Canada
According to the survey, 35% of Canadian crypto owners have been conned by crypto scammers. Research carried out by contributors of the Toronto Metropolitan University (TMU) estimated that 35% of Canadians owning digital assets had fallen victim to crypto fraud. The study further determined that approximately 9% of the locals have purchased cryptocurrencies or NFTs, with the share being higher among individuals who graduated from universities.
Less Educated People More Likely to Get Scammed
The report, conducted via a representative survey of 2,000 Canadian residents, showed that fraudulent schemes related to cryptocurrencies are a serious problem in the country. Per the results, over a third of those who have invested in digital assets have been lured into some sort of scam. 14% (the largest share) said they had been contacted by a person who presented themselves as a crypto investment manager and who later stole a fee for his “services.” 10% admitted sharing their wallet information following a request for additional information, while 7% have purchased digital currencies from a mysterious individual who then disappeared.
Impact on Financial Losses
When users fall prey to these cryptocurrency scams, significant financial loss can result, sometimes compromising large amounts of money from lines of credit, credit cards, and life savings. Not only are there financial losses but also the risk of personal and financial information being stolen due to lack of knowledge about how secure transactions should be conducted online when trading cryptocurrencies or NFTs.
Risk Management Action Needed
In order to prevent such occurrences from happening again and again it is important for governments across Canada take action on introducing more stringent risk management measures when it comes to cryptocurrency transactions within their borders; this includes educating citizens about how best to protect themselves against potential fraudsters looking capitalize on unsuspecting investors online by providing clear guidelines on what types transactions should be avoided at all costs as well as establishing laws which protect consumers from such incidents occurring in future dealings with digital assets .
We need better risk management measures introduced across Canada so that citizens can engage safely in cryptocurrency transactions without fear or uncertainty; this is especially important considering that there has been an increase in people investing their money into digital assets which could potentially lead towards large-scale losses if no steps taken now towards preventing these types scams before they happen again any time soon .