As a seasoned Australian crypto investor with a few gray hairs and a keen eye for spotting scams, the latest report by the Australian Federal Police (AFP) has sent a shiver down my spine. Losing $122 million to crypto scams in just one year is a staggering figure that should make every investor sit up and take notice.
In the previous year, reports show that Australians collectively suffered a significant loss of approximately 122 million (or 180 million AUD) due to crypto frauds, as per the Australian Federal Police (AFP). This amount is nearly half of the total 269 million (or 382 million AUD) lost in all investment scams during that same time frame.
According to Assistant Commissioner Richard Chin of the AFP, a significant number of scam victims in Australia tend to be younger individuals, with around 60% being under 50 years old. This represents a change from the older demographic, who are often perceived as more susceptible to scams.
The report highlights two main types of scams: pig butchering and deepfakes. Pig butchering involves scammers forming personal relationships with victims on social media before luring them into fraudulent investments.
Richard Chin pointed out that swindlers frequently employ various strategies, such as applying pressure and manipulating their targets, to convince them into making unwise financial choices. These tactics often involve techniques like ‘pig butchering’ or the use of ‘deepfake technology’.
Deepfakes employ sophisticated artificial intelligence technology to generate false audio and visual content, frequently showcasing high-profile individuals such as the CEO of Tesla, Elon Musk, in an attempt to deceive people by persuading them to invest in nonexistent ventures.
Chin cautioned that the AFP’s data might not fully represent the scope of the issue, since some victims might not recognize they’ve been tricked or might hesitate to file a report due to embarrassment. He emphasized, “If an investment seems excessively attractive, it likely is.”
Investment scams continue to be the primary method through which Australians end up losing money, as reported by the Australian Government’s Scamwatch. In just one year, 2024, Scamwatch recorded a staggering loss of over $68 million (equivalent to AUD 100 million). It is worth noting that according to Scamwatch data, individuals aged 50 and above are disproportionately targeted by these fraudulent schemes.
Chin emphasized that the funds taken in these fraudulent schemes are frequently used to finance illicit actions like money laundering and narcotics trade. Therefore, it’s essential for Australians to remain cautious and wary of any investments proposing excessively high returns.
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2024-08-28 08:20