A fresh report from the Australian Competition and Consumer Commission (ACCC) has shown that scammers in the country received almost $150 million in cryptocurrency last year, recording a 162% rise compared to the preceding year.
According to the report, 4,000 Australians transferred Bitcoin and other crypto assets to scammers, as exploiters continue to prefer the means of payment to traditional banking system transactions.
The report from the ACCC on Monday shows the country lost almost AU$3 billion ($2.03 billion) to various scams in 2022, an 80% increase from what it lost in 2021. Investment scams came tops as the most efficient way of exploiting Australians’ crypto acceptance, as they accounted for 66% of all financial exploitations last year. There was also a recorded percentage increment in investment scams from 2021, as the sector saw a 55% increment.
Scammers Continue to Tarnish Crypto’s Reputation
For the second year in a row, crypto payments have topped the chart as the most used means for scammers to exploit victims in Australia, which is a poor reflection of what blockchain is all about. Exploiters received roughly $92 million (AU$137) via crypto transactions. Bank transfers followed on the list, with victimized Australians losing $66.46 (AU$99) million in 2021.
Scammers targeted residents who were 65 years and above, the report showed. Male habitats in New South Wales were also top targets for these scammers. New South Wales is Australia’s most populous state, with nearly a third of the country’s entire population.
Fraudsters Lure Victims into Fake Investments
Another notable inclusion in the report was that most scammers disguise themselves as friends on social platforms or indulge in a romantic relationship with victims, gain their trust, and then offer to help them with investing.
Scammers might spend a significant amount of time building this relationship. When they seem to have gained the trust of their victims, they offer them several financial investment ideas and help them open accounts on crypto exchanges before taking their money.
