Richard

when

Read

Meta

Australians lost over $120 million to crypto investment fraud in just 12 months, with those under 50 increasingly becoming the primary targets.
Crypto investment scams are surging across Australia, with younger individuals increasingly falling victim as fraudsters employ more sophisticated tactics.
According to an Aug. 28 <a href="https://www.afp.gov.au/news-centre/media-release/afp-alerts-australians-common-cryptocurrency-investment-scam-tactics" target="_blank" rel="noopener noreferrer nofollow">press release</a> from the Australian Federal Police, Australians lost over AUD$180 million (more than $122 million) to crypto investment scams in the past 12 months, with younger individuals increasingly targeted. Data released by the AFP reveals that nearly half of all investment scam losses reported to police involved cryptocurrencies, with victims under the age of 50 now comprising 60% of cases.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “Financial gain is what motivates most scammers however stolen funds could be used to bankroll future criminal ventures such as money laundering, trafficking illicit drugs, or human exploitation.”
 Richard Chin, AFP assistant commissioner
</blockquote>
You might also like: <a href="https://crypto.news/australian-regulator-takes-meta-to-court-over-deceptive-crypto-ads-on-facebook/" rel="noopener noreferrer nofollow"> Australian regulator takes Meta to court over ‘deceptive’ crypto ads on Facebook </a>
The AFP says Australians reported losing over AUD$382 million (nearly $260 million) to investment scams in the 2023-24 financial year, with nearly half of the investment scam losses involving cryptocurrency.
The federal law enforcement agency, in partnership with state and territory police, urged the public to remain vigilant, especially when approached with investment opportunities that seem too good to be true. The agency highlighted tactics such as “<a href="https://crypto.news/brooklyn-da-exposes-pig-butchering-crypto-scam/" target="_blank" rel="noopener noreferrer nofollow">pig butchering</a>,” where scammers build long-term relationships with victims before convincing them to invest, and the use of <a href="https://crypto.news/deepfake-frauds-in-crypto-spiked-by-245-globally-bitget-says/" target="_blank" rel="noopener noreferrer nofollow">deepfake</a> technology to impersonate trusted figures.
<h2 class="wp-block-heading" id="australia-braces-for-surge-in-crypto-scams">Australia braces for surge in crypto scams</h2>
The warning follows the Australian Securities &amp; Investments Commission’s recent <a href="https://crypto.news/australias-asic-takes-down-over-600-crypto-scam-websites-in-yearlong-operation/" target="_blank" rel="noopener noreferrer nofollow">disclosure</a> that since July 2023, it has coordinated the takedown of over 7,300 phishing websites, including 5,530 fake investment platforms, 1,065 phishing scam links, and 615 crypto investment scams.
Investment scams continue to be the most prevalent type of fraud affecting Australians, with total losses reaching $1.3 billion in 2023. ASIC attributed the widespread phishing activity to the use of fake news articles and deepfake videos featuring public figures endorsing fraudulent online investment platforms, particularly on social media.
Read more: <a href="https://crypto.news/australias-regulator-wins-case-against-krakens-local-operator/" rel="noopener noreferrer nofollow"> Australia’s regulator wins case against Kraken’s local operator </a>

Australians lose $122m to crypto scams, with under-50s most affected

Table of Contents

crypto.news

Other articles published on Aug 28, 2024

Bitcoin ETFs to Surpass Satoshi by BTC Holdings This Autumn, Shiba Inu Burn Rate Collapses, Bitco...

Why You Should Be Looking at Common Wealth Right Now

Qubetics Whitelist Gains Momentum as Render and Polkadot Lead

Avalon Labs CeDeFi Lending Reaches Over 30M in Bitcoin-Backed Loans in Just 2 Days

How Solana Outpaced Ethereum in the Stablecoin Stakes: PYUSD’s Meteoric Rise!

Long-Term Bitcoin Holders Accumulate 262K Bitcoins In The Past 30 Days!

Join our free newsletter for daily crypto updates!