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According to ACCC Report Cryptocurrency Scams in Australia Surge by 162.4% in 2022, Costing Victims $148.3 Million
A recent report from the Australian Competition and Consumer Commission (ACCC) has revealed that cryptocurrency-related scams accounted for 7.1% of the total $2.08 billion stolen from Australians in 2022. Australians lost a staggering 221.3 million Australian dollars ($148.3 million) from investment scams involving cryptocurrency as the payment method, representing a significant 162.4% increase from the previous year.
The survey also showed that while bank payment scammers more frequently contacted victims by phone and email, cryptocurrency scammers mostly targeted victims using social media and networking apps.
The ACCC Deputy Chair, Catriona Lowe, attributed the spike in scams to the increasing sophistication of tactics used by scammers, including impersonating legitimate organizations through official phone numbers, email addresses, and websites. Lowe emphasized that the "true cost" of scams goes beyond the financial losses, as they also cause emotional distress to victims, their families, and businesses.
ACCC report exposes increased unreported losses in Australian cryptocurrency scams, targeting 65-year-old men, prompting closer cooperation to combat scams.
The report also highlighted that scam losses are likely much higher than reported, as around 30% of scam victims do not report the incidents to anyone, and only 13% report it to Scamwatch, the ACCC's scam database.
In order to tackle these scams more successfully and reduce their prevalence, the ACCC emphasized the necessity of closer cooperation between the Australian government, law enforcement, and the business community. The report also highlighted common investment scams such as imposter bond offers, initial public offerings (IPO), relationship or pig butchering schemes, and money recovery services.
The ACCC's report serves as a reminder to remain cautious and informed about the risks associated with cryptocurrency-related scams in order to protect oneself and others from falling victim to such fraudulent activities.