- Australians lost $122 million to crypto scams in 12 months.
- Under-50s are the primary targets, driven by deepfakes and social media scams.
Australians has suffered significant financial losses to cryptocurrency scams, amounting to $122 million over the past 12 months, according to the Australian Federal Police (AFP). The increase in scam activity highlights a worrying trend as more Australians venture into the digital currency space. Many victims fall prey to schemes promising high returns, only to lose their investments to sophisticated fraudsters.
In a statement released on August 28, the AFP reported that investment scams had led to a staggering loss of $269 million (AUD 382 million) in the past year, with nearly 47% of these scams involving cryptocurrencies. The AFP report indicates that younger Australians, particularly those under 50, are the most affected by these scams. These individuals often have more exposure to digital platforms, where scammers frequently operate.
Crypto Scams on the Rise in Australia
Deepfake technology has emerged as a new tool for scammers, adding a layer of deception. This technology creates convincing video and audio imitations of well-known personalities, making scams appear more legitimate. Deepfakes make it even harder for individuals to discern genuine investment opportunities from fraudulent ones, leading to substantial financial losses.
The Australian Securities and Investments Commission (ASIC) warns that scammers often pose as legitimate investment platforms with fabricated data and endorsements. They may also employ fake influencers or celebrities to add credibility to their schemes. Despite ongoing efforts to educate the public about these dangers, many Australians still fall victim to these fraudulent schemes.
Crypto scams also often involve investment fraud, where victims are promised substantial returns for minimal risk. These scams exploit the public’s limited understanding of cryptocurrency markets, manipulating their lack of knowledge to lure them into dubious investments. Scam operators frequently vanish without a trace, taking all the invested funds with them, leaving victims with no recourse.
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