A worrisome trend has involved Australians losing as much as A$180 million ($122 million) to investment scams related to crypto during 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 within the 2023-24 financial 12 months, putting into light a growing threat within the digital space of investing.

Contrary to general perceptions, the present targets of those scams are really young people. The AFP claims that 60% of scam victims are under 50 years of age. That dispels the parable on how older persons are probably the most vulnerable ones.

In accordance with AFP Assistant Commissioner Richard Chin, scammers have now began using sophisticated tactics like “pig butchering” and deepfake technology with the intention to actually dupe their victims.

Australians reported losing no less than $180 million of cryptocurrency in investment scams in only 12 months, with victims now more more likely to be under the age of fifty years. https://t.co/H1PFHtop4q

— AFP (@AusFedPolice) August 27, 2024

Most Common Crypto Scam Tactics Used In Australia

There are quite a lot of class-leading tactics that crypto scammers in Australia have been using to rip victims off, especially those under 50 years old.

Essentially the most often used could be fake crypto trading apps downloaded from the scammer’s website as an alternative 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 obligatory.

Ongoing Threats

In its larger effort of eradicating bogus web sites that promise investment, the Australian Securities and Investments Commission has already taken down 615 bitcoin investment frauds within the last 12 months alone.

In any instance, con artists change in sophistication to maintain ahead and keep investors under statement.

Since July 2023, ASIC said it has helped to remove greater than 7,330 phishing sites, including 5,530 bogus investment sites, 1,065 phishing scam links and 615 crypto investment schemes.

With total damages exceeding $1.3 billion in 2023, investment scams remain probably the most often occurring type of fraud to which Australians have fallen victim.

How To Avoid Crypto Scams?

The AFP has also issued a plea to all for caution since investments that appear quite attractive must be closely examined for his or her qualifications and must be wary of crypto demands.

The financial frauds using cryptocurrencies call for more public knowledge and legislative control to guard the investments made on this digital age.

This makes it particularly vital that investors be very cautious and take the time to learn concerning the dangers of high-pressure investment schemes, as fraudsters increasingly exploit the vulnerabilities of younger investors through various types of deceit.

Featured image from Pexels, chart from TradingView