Australians have lost 180 million Australian dollars ($122 million) to crypto scams over the past year, with most victims being under 50, according to a new report by the Australian Federal Police (AFP). In an Aug. 28 statement, the AFP disclosed that a total of $382 million AUD ($269 million USD) was lost to investment scams during the year, with approximately 47% involving cryptocurrency.
AFP Assistant Commissioner Richard Chin highlighted that 60% of the victims were under 50, a shift from the usual trend of older Australians being more vulnerable to scams. The scams mainly employed modern technology, with pig butchering and deepfakes being the most common methods.
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Pig butchering involves scammers establishing personal relationships with victims on social media before luring them into fraudulent investments. Deepfakes use AI to create convincing audio and video of celebrities, such as Tesla CEO Elon Musk, to promote fake investment schemes.
Chin noted that the reported data likely represents only a fraction of the actual cases, as many victims may be unaware of the scam or too embarrassed to report it. He advised caution, stating, “If an investment opportunity sounds too good to be true, then it probably is”.
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Additionally, the Australian Government’s Scamwatch website reports that investment scams remain the leading cause of financial loss for Australians, with over $68 million USD ($100 million AUD) reported in losses for 2024 so far. However, Scamwatch data contrasts with the AFP’s findings, showing that those over 50 make up the majority of victims.
Cre: cointelegraph.
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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