While the cryptocurrency market has been in constant state of flux since the start of this year, and the trend as continued to decline during the recent month, crime rates involving cryptocurrency has surged at a steady pace.
Recent reports have cropped up from the local police force at the capital city of Albert, CA, Edmonton. According the information provided by the local news outlet, Edmonton police force has warned the public of increasing rate of crime concerning cryptocurrency, with criminals utilizing cryptocurrencies to defraud victims.
While there have been cases of criminals posing as law enforcement agents as a way to cheat unsuspecting victims, the police stated that these criminals decided to request payments in other forms of cryptocurrencies, mainly Bitcoin.
“What has evolved is the method of payment demanded by fraudsters,” Const.Tuyen Nguyen with the EPS cyber crimes investigations unit said in a statement.
“While gift cards were once the preferred payment of choice, fraudsters are now increasingly demanding payment in other forms such as bitcoin and e-transfers.”
According to a report released publicly by the police, the former 89% increase in fraud and identity theft incidents during 2013 and 2017 have increased up to 9.5% during the 9 months during 2019. Because of this, cyber crimes and economic crimes unit have launched a campaign to educate new arrivals to Edmonton as they are the ones most likely to targets for these scams.
Even with all of this in place, the public enlightenment that taxes are not accept in Bitcoin, scammers have continuously remained successful with their schemes to defraud ignorant citizens. Hence the reason for the police force taking its awareness program even further with “brochures and multi-language ads.” These will become available for print and online during 2019 to ensure the public as adequately informed.
Cryptocurrency scams continue to rise even with the bearish market in place. Other places having suffering scams from criminals with South Korea being attacked by North Korean hackers and kidnappings happening in South Africa.
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