Bitcoin adoption is growing dramatically in Canada, but the rate of cryptocurrency fraud is also increasing at a worrying speed. Between 2017 to 2020, digital currency-related fraud in Canada rose by about 400%, as per the report by RCMP.
Australians seem to be very vulnerable to fraudulent money-stealing schemes. In 2019 alone, the continent citizens lost over $634 million to cryptocurrency scams, with over $2 billion stolen during the past decade.
While countries are busy dealing with the coronavirus pandemic, they are targeted by hackers wishing to benefit from the crisis. Now, criminals aim at the vital and the most vulnerable industry as of now - healthcare.
The number of scam projects seems to grow proportionally to COVID-19 cases. Now, scammers are posing themselves as the National Health Service (NHS) to trick the citizens of Great Britain out of their cryptocurrency.
The UK Financial Conduct Authority (FCA) recently issued well-filtered recommendations to the public especially the investors not to participate in cryptocurrency investments related to Covid19 through an official website.
A citizen of the USA named Zoobia Shahnaz faces a 13-year sentence for attempts to finance ISIS with bitcoins. To achieve her goal, she tried to fraud several giant financial institutions including American Express, Chase and Discover.