In short: A study by Toronto Metropolitan University found that 35% of Canadian cryptocurrency holders have fallen victim to scams, with the most common type being those offering crypto investment services. Less educated and lower-income individuals are more likely to fall for such scams, according to the report. The study also found that almost half of Canadians have "low trust" in cryptocurrency exchanges, compared to high trust in local banks. Roughly 9% of Canadians have purchased cryptocurrencies, with the majority being men aged between 25 and 35.
Our quick analysis:
Canadians have always had a reputation for being quite knowledgeable and cautious, especially when it comes to investing money. However, a recent study carried out by contributors of the Toronto Metropolitan University (TMU) has revealed that when it comes to cryptocurrencies, Canadians (like many others around the world) are not immune to scams and fraudulent schemes.
The study showed that roughly one in 10 Canadians have purchased cryptocurrencies or NFTs, with a higher share among those who graduated from universities. Unfortunately, the report also highlighted that 35% of Canadians owning digital assets had fallen victim to crypto fraud.
The more concerning aspect of this study is that individuals with less education and lower income seem to be the primary targets of these scams. According to the study, individuals earning over $50,000 per year and having university degrees were more cautious and aware of the risks of investing in cryptocurrencies.
The study also revealed that nearly 50% of Canadians had "low trust" in cryptocurrency exchanges, with only 9% having "high trust." In comparison, local banks had significantly higher levels of confidence, with only 12% reporting no trust in banking institutions.
The Painful Lesson Learned by a Canadian Couple
While some scams result in little more than frustration, others can be financially devastating. One such example is an elderly couple from Toronto who lost $300,000 in a fraudulent scheme. The couple invested their life savings on the advice of an unknown individual who claimed to be a professional and knowledgeable in the investment field. Sadly, the duo fell prey to a crypto fraud, and their entire investment eventually vanished.
The Toronto Police Service did manage to recover a significant portion of the lost funds, but the identity of the criminal(s) remained unknown, meaning they could still be operating elsewhere.
Consequently, these crypto scams are a serious issue in Canada, and investors should always be wary to avoid falling victim to fraudulent schemes. Always double-check information presented to you, research investment platforms before investing, and seek professional advice from qualified experts if necessary. It’s better to be safe than sorry.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Canadians have always had a reputation for being quite knowledgeable and cautious, especially when it comes to investing money. However, a recent study carried out by contributors of the Toronto Metropolitan University (TMU) has revealed that when it comes to cryptocurrencies, Canadians (like many others around the world) are not immune to scams and fraudulent schemes.
The study showed that roughly one in 10 Canadians have purchased cryptocurrencies or NFTs, with a higher share among those who graduated from universities. Unfortunately, the report also highlighted that 35% of Canadians owning digital assets had fallen victim to crypto fraud.
The more concerning aspect of this study is that individuals with less education and lower income seem to be the primary targets of these scams. According to the study, individuals earning over $50,000 per year and having university degrees were more cautious and aware of the risks of investing in cryptocurrencies.
The study also revealed that nearly 50% of Canadians had "low trust" in cryptocurrency exchanges, with only 9% having "high trust." In comparison, local banks had significantly higher levels of confidence, with only 12% reporting no trust in banking institutions.
The Painful Lesson Learned by a Canadian Couple
While some scams result in little more than frustration, others can be financially devastating. One such example is an elderly couple from Toronto who lost $300,000 in a fraudulent scheme. The couple invested their life savings on the advice of an unknown individual who claimed to be a professional and knowledgeable in the investment field. Sadly, the duo fell prey to a crypto fraud, and their entire investment eventually vanished.
The Toronto Police Service did manage to recover a significant portion of the lost funds, but the identity of the criminal(s) remained unknown, meaning they could still be operating elsewhere.
Consequently, these crypto scams are a serious issue in Canada, and investors should always be wary to avoid falling victim to fraudulent schemes. Always double-check information presented to you, research investment platforms before investing, and seek professional advice from qualified experts if necessary. It’s better to be safe than sorry.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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