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Tuesday, February 18, 2025
HomeSecurityAustralians Lose AU$180 Million to Cryptocurrency Investment Scams, Authorities Warn of Growing...

Australians Lose AU$180 Million to Cryptocurrency Investment Scams, Authorities Warn of Growing Sophistication

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Australians have recently experienced significant losses due to cryptocurrency investment scams, with AU$180 million ($122 million) lost over the past 12 months. The Australian Federal Police (AFP) has issued a warning, highlighting the growing sophistication and prevalence of these scams.

According to the Australian Cyber Security Centre (ACSC), total investment scams loss for the financial year 2023-2024 reached AU$382 million ($259 million), with 47% related to cryptocurrencies. The AFP noted a troubling trend: Younger Australians, particularly those aged below 50 years, are the most affected, with 60% of scam complaints coming from this age group.

The AFP has collaborated with banks and cryptocurrency exchanges to help victims and regain lost funds. Assistant Commissioner Richard Chin emphasized that it is wrong to think that only senior citizens are often scammed, as fraudsters employ severe tactics such as pressure and emerging technologies like Deepfake to lure victims into poor investment decisions.

To combat these scams, the AFP has released a video message explaining how sophisticated scammers behave and urging the public to be cautious of businesses that appear too good to be true. The goal is to raise public awareness and avoid more losses by making people aware of the potential consequences of investing in cryptocurrencies.

The Australian Securities and Investment Commission (ASIC) has also taken action, shutting down 615 cryptocurrency investment scam websites two weeks ago. Despite these efforts, Australians lost AU$1.3 billion ($870 million) to investment scams last year, highlighting the scale of the problem.

Chin urged victims to report their ordeal to friends, family, and the community as a way of combating these scams. The AFP is working to recover funds from crypto scams and is warning the public to be vigilant and cautious when investing in cryptocurrencies.

As Scams Awareness Week 2024 continues, the AFP is emphasizing the importance of being aware of the potential risks and consequences of investing in cryptocurrencies. The public is advised to be cautious of businesses that appear too good to be true and to report any suspicious activity to the authorities.

Source: Live Bitcoin News.

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