{"id":1912,"date":"2024-08-29T09:30:48","date_gmt":"2024-08-29T09:30:48","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=1912"},"modified":"2024-08-29T09:30:48","modified_gmt":"2024-08-29T09:30:48","slug":"australia-loses-122-million-to-crypto-scams-young-investors-hit-hard","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=1912","title":{"rendered":"Australia Loses $122 Million To Crypto Scams \u2014 Young Investors Hit Hard"},"content":{"rendered":"

A worrisome trend has involved Australians losing as much as A$180 million<\/a> ($122 million) to investment scams related to crypto over the last 12 months, says a recent warning from the Australian Federal Police (AFP).<\/p>\n

The figure represents about half of the A$382 million ($259 million) losses to all investment scams in the 2023-24 financial year, putting into light a growing threat in the digital space of investing.<\/p>\n

Contrary to general perceptions, the current targets of these scams are really young people. The AFP claims that 60% of scam victims are under 50 years of age. That dispels the myth on how older people are the most vulnerable ones.<\/p>\n

According to AFP Assistant Commissioner Richard Chin, scammers have now started using sophisticated tactics like \u201cpig butchering\u201d<\/a> and deepfake technology in order to actually dupe their victims.<\/p>\n

Australians reported losing at least $180 million of cryptocurrency in investment scams in just 12 months, with victims now more likely to be under the age of 50 years. https:\/\/t.co\/H1PFHtop4q<\/a><\/p>\n

\u2014 AFP (@AusFedPolice) August 27, 2024<\/a><\/p>\n\n

Most Common Crypto Scam Tactics Used In Australia<\/strong><\/h2>\n

There are a number of class-leading tactics that crypto scammers in Australia have been using to rip victims off,<\/a> especially those under 50 years old.<\/p>\n

The most often used would be fake crypto trading apps downloaded from the scammer\u2019s website instead of the app stores; fake trading platforms and wallets acquiring access credentials or lock out victims after fund depositing; Fake tokens, investments, and employment whereby crypto payment is just necessary.<\/p>\n

Ongoing Threats<\/strong><\/h2>\n

In its larger effort of eradicating bogus websites that promise investment, the Australian Securities and Investments Commission has already taken down 615 bitcoin investment frauds in the last year alone.<\/p>\n

In any instance, con artists change in sophistication to keep ahead and keep investors under observation.<\/p>\n

Since July 2023, ASIC said it has helped to remove more than 7,330 phishing<\/a> sites, including 5,530 bogus investment sites, 1,065 phishing scam links and 615 crypto investment schemes.<\/p>\n

With total damages exceeding $1.3 billion in 2023, investment scams remain the most often occurring kind of fraud to which Australians have fallen victim.<\/p>\n

How To Avoid Crypto Scams?<\/strong><\/p>\n

The AFP<\/a> has also issued a plea to all for caution since investments that seem quite attractive should be closely examined for their qualifications and should be wary of crypto demands.<\/p>\n

The financial frauds using cryptocurrencies call for more public knowledge and legislative control to protect the investments made in this digital age.<\/p>\n

This makes it particularly important that investors be very cautious and take the time to learn about the dangers of high-pressure investment schemes, as fraudsters increasingly exploit the vulnerabilities of younger investors through various forms of deceit.<\/p>\n

Featured image from Pexels, chart from TradingView<\/em><\/p>","protected":false},"excerpt":{"rendered":"

A worrisome trend has involved Australians losing as much as A$180 million ($122 million) to investment scams related to crypto over the last 12 months, says a recent warning from the Australian Federal Police (AFP). The figure represents about half of the A$382 million ($259 million) losses to all investment scams in the 2023-24 financial […]<\/p>\n","protected":false},"author":0,"featured_media":1913,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1912"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1912"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1912\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1913"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}