Australians lost a staggering
$122 million to cryptocurrency scams in the past 12 months, according to data from the Australian Federal Police (AFP). This figure represents 47% of the total $259 million lost to investment scams in the country during the 2023-24 financial year, highlighting the increasing prevalence of crypto-related fraud.
Younger Australians Becoming Major Scam Targets
The AFP noted that the victims of these scams are increasingly younger, with 60% of the reports coming from individuals under the age of 50. The two most common scam methods are "pig butchering" and the use of deepfake technology to deceive victims into making poor investment decisions.
Regulatory Crackdown on Crypto Scams
In response to the growing threat, the Australian Securities and Investments Commission (ASIC) has taken down 615 cryptocurrency investment scams over the past year, part of a broader effort to protect investors. Authorities are urging the public to remain vigilant and cautious when engaging in online investments, as crypto scams continue to evolve in complexity and scale.
Read more at CoinDesk.
