A study conducted by Toronto Metropolitan University (TMU) collaborators estimates that 35% of Canadians who own digital assets have fallen victim to some form of crypto fraud.
The study also determined that around 9% of the local population purchased crypto or NFT, with this percentage higher among college graduates.
The report, made through a representative survey of 2,000 Canadian residents, shows that crypto-related scam schemes are a serious problem in the country. The results show that more than a third of people who have invested in digital assets have been tricked into scams.
14% (highest percentage) said they were contacted by someone claiming to be a crypto investment manager and then scammed into paying a fee for that person’s “services”. 10% admitted to sharing their wallet information after being asked for more information, while 7% bought cryptocurrency from an unidentified individual who later disappeared.
The study’s authors warn:
When users fall victim to these forms of cryptocurrency fraud, significant financial losses can occur, sometimes affecting large amounts of credit lines, credit cards, and savings in their accounts. whole life. Not only does it cause financial damage, but there is also the risk of personal and financial information being stolen. The scale of these scams and frauds in Canada seems substantial.
People from lower income and less educated groups are at higher risk of being scammed. Individuals who earn more than $50,000 per year and have a college degree appear to be more aware of the risks in the industry and more cautious when approached by scammers.
The survey also estimates that most Canadians are wary of cryptocurrency exchanges. Nearly 50% of them have a “low trust” level in such companies, 25% are “neutral”, while only 9% have a “high trust”.
Meanwhile, confidence in local banks is much higher. Only 12% do not trust domestic banking institutions, while 46% have a “high level of trust”.
Research shows that, out of every 10 Canadians, about one person has entered the crypto market by purchasing bitcoin, ether, or another digital asset. The majority of these investors are men between the ages of 25 and 35.