Crypto Scam And Duped Investments Of Over $242 Million In Australia

Since cryptocurrency has grown over the past few years, it has also become a favorite place for scammers and cybercriminals to plunder money. According to the latest estimates, Australia is recording significant losses indicating that crypto scams are on the rise in the state.

According to statistics viewed by the Australian Competition and Consumer Commission (ACCC), Australia lost over A$242 million to crypto investment scams in 2022. The authority received over 5,300 reports, and 50% of them reported casualties. Notably, the age of most of the victims ranges from 55 to 65 years old.

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As state agents from a major financial crime police department put it, the growing number of fraudsters are practicing intelligence and highly refined strategies to appear real and entice investors to throw away their money. Scammers approach investors as scammers posing as celebrities or officers. Citing the growing number of crypto scams, the Australian Federal Police (AFP) criticized the use of cryptocurrencies. Officials see digital assets as “emerging threats” posed today, as a financial crime report arrives every eight minutes.

Unlike the figures from the previous year, the latest results indicate an increase in crypto-related crimes representing a 36% increase. Crypto financial crimes saw an estimated A$17.82 million deceived in 2021.

While Australian investors have lost a lot of money, consumer advocates are pushing banks to get involved in preventing such incidents and refunding the money to victimized users. And the endorsement community wants to enable modified policies that help banks ensure a recipient’s identity when transferring funds, by matching the actor’s name with a bank account, according to the report. Australian Broadcasting Corporation (ABC) of 08 September.

Bitcoin price is currently trading above the $22,000 level. | Source: BTCUSD price chart from TradingView.com

Crypto scams put Australian authorities on their toes

In response to community demand, Banks suggested another option to use to resolve these issues. Many of the state’s banks referenced the use of PayID technology that allows consumers to verify names linked to an account and BSB. Although the bank considers it as an alternative option, this system does not have adequate processing efficiency.

Due to the growth of scams, exploits, and downward market trends, Australian authorities have also started exploring crypto-related platforms. Sean Hughes, the commissioner of the Australian Securities and Investments Commission (ASIC), warned Australians at a Governance Institute conference on Monday that investing in cryptocurrency is “extreme risk taking.”

The ASIC commissioner further noted;

We want to be very clear and unambiguous in our messages to consumers entering the market. We believe that crypto assets are highly volatile, inherently risky and complex.

Related Reading: Meet Elon Musk’s Deep Forgeries Used to Promote Crypto Scams

The Australian Federal Police (AFP) formed a dedicated crypto crime unit in August. The new unit will detect cybercriminals bypassing the financial system.

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Crypto Scam And Duped Investments Of Over $242 Million In Australia


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