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In the past year, Australians have been swindled out of approximately $122 million due to cryptocurrency investment frauds, with a notable shift in the demographic of victims. Data indicates that individuals under 50 now represent about 60% of scam reports, surpassing older Australians who were traditionally seen as the primary targets.
Trends in Crypto Scams
Data from the Australian Cyber Security Centre (ACSC) shows that investment scams totaled AUD 382 million (about $269 million) in the 2023-24 financial year, with nearly half of these losses linked to cryptocurrency fraud. This trend challenges the previous assumption that older Australians were the main victims of such scams.
Assistant Commissioner Richard Chin of the Australian Federal Police (AFP) noted that younger Australians are increasingly falling prey to sophisticated scam tactics. Common methods include “pig butchering,” where scammers gradually build trust before defrauding victims, and deepfake technology, which creates deceptive but convincing scenarios.
How to Stay Safe and Report Scams
Chin advises people to be cautious of investment opportunities that seem too promising and to seek independent financial advice if unsure. Anyone who suspects they are being targeted should cease communication with the scammer, report the scam to their financial institution or digital currency exchange, and notify authorities through cyber.gov.au.
The AFP, working with banks and digital currency exchanges, is focused on helping victims recover lost funds. Chin also highlighted the broader consequences of these scams, noting that the stolen money can fund further criminal activities, including money laundering and human trafficking.
Government Action Against Scams
In response to the growing issue, the Australian Securities and Investments Commission (ASIC) has shut down 615 fraudulent cryptocurrency investment websites in the past year. This effort is part of the government’s Fighting Scams initiative, which relies on ASIC’s actions to curb scam activities. This collaboration has helped reduce reported scam losses from $1.5 billion in 2022 to $1.3 billion in 2023.
Fraudulent websites are investigated by specialized cybercrime firms, and once confirmed, they are removed with the support of government and industry partners. ASIC’s work with the National Anti-Scam Centre (NASC) is crucial in combating these scams and protecting Australians from financial loss.
As cryptocurrency scams become more advanced, staying informed and cautious is essential. If an investment opportunity seems too good to be true, it is wise to be skeptical and seek professional advice to avoid falling victim to fraud.
