Australians recently faced significant losses due to investment scams. In total, they lost A$259 million (about $180 million) to these scams, with 47% involving cryptocurrency.
The Australian Federal Police (AFP) issued a warning, emphasizing the need for everyone to stay alert. Scammers are getting more clever and sophisticated.
According to data from the Australian Cyber Security Centre (ACSC), Australians lost A$382 million ($259 million) to investment scams in the 2023-24 financial year. Almost half of those scams were linked to cryptocurrency.
Interestingly, the AFP noted a shift in victim demographics. More victims are now under 50 years old. In fact, 60% of scam reports came from this age group.
Earlier this month, the Australian Securities and Investments Commission (ASIC) reported that they shut down 615 cryptocurrency investment scams in the first year of their new initiative. Last year alone, Australians lost A$1.3 billion (around $870 million) to various investment scams.
According to AFP Assistant Commissioner Richard Chin, the data shows that it’s a misconception that only older people fall for these scams. He stated, “Scammers often use pressure tactics and different methods to trick victims into making poor investment decisions. Two common methods include pig butchering and deepfake technology.”