As a seasoned Australian investor with a few gray hairs and a lot of wisdom (and losses) under my belt, I can’t help but feel a mix of concern and caution when it comes to cryptocurrency investments. The recent statistics on investment scams are alarming, especially the shift in victims from older Australians to those under 50. It seems that the allure of quick riches has become a double-edged sword, luring even the most skeptical among us.
It’s said that Australians allegedly forfeited a minimum of 180 million Australian dollars (around 122 million US dollars) to scams related to cryptocurrency investments during the last year.
Approximately 60% of scam report victims are currently below the age of 50, surpassing older Australians, a group often perceived as more susceptible to these kinds of schemes.
Crypto-Based Investment Scams in Australia
The data, gathered by the Australian Cyber Security Centre (ACSC) from police reports via cyber.gov.au, shows total losses of AUD 382 million (approximately $269 million) to investment scams in the 2023-24 financial year, with 47% of these losses attributed to cryptocurrency.
Additionally, approximately 60% of these reports originated from Australians aged under 50. This data contradicts the assumption that only elderly individuals are susceptible to fraud, as pointed out by AFP Assistant Commissioner Richard Chin.
Chin highlighted that unscrupulous individuals often use aggressive techniques and multiple approaches to trick people into making unwise investment decisions. Two common strategies they employ are “swindling via ‘pig slaughtering'” schemes and utilizing deepfake technology.
Additionally, he urged the community to stay vigilant, resist the urge to hastily invest, and for those harboring doubts to halt conversations, seek personalized financial guidance, report any potential investment frauds to their respective banks or cryptocurrency platforms, and alert authorities via cyber.gov.au.
Chin explained that the AFP, along with their law enforcement counterparts, are actively working in tandem with banks and cryptocurrency platforms to aid victims of fraudulent investments and try to retrieve the stolen assets from unscrupulous individuals.
Chin also added,
“When an investment proposition seems unusually profitable, it might well be a trap. Often, such offers are designed to lure individuals into fraudulent schemes. The money swindled can be used to fund illicit activities like money laundering, drug trafficking, or even human exploitation. Regrettably, some people have been coerced into laboring under inhumane circumstances for criminal organizations with the aim of defrauding others.”
Investment Scams in Australia
This month, the Australian Securities and Investments Commission (ASIC) revealed that they shut down approximately 615 cryptocurrency investment scams during their initial year of tackling deceptive investment sites.
The Australian government’s “Fighting Scams” program significantly depends on the Australian Securities and Investments Commission (ASIC)’s ability to shut down fraudulent investment websites. This capacity is essential for preventing scams and safeguarding Australian investors.
questionable websites are handed over to a specialized cybercrime investigation agency, and if wrongdoing is established, the sites are shut down, often with assistance from several government and business collaborators. ASIC’s collaborative initiatives with the National Anti-Scam Centre (NASC) have played a role in lowering such losses from $1.5 billion in 2022 to $1.3 billion in 2023.
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2024-09-01 07:23