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Australia lost more than $6 million to cryptocurrency scams

Australia lost more than $6 million to cryptocurrency scams

Over the course of 2018, Australian citizens lost just over 6 million dollars in cryptocurrency scams, resulting in a huge increase in fraud in the year. On top of that, according to reports, the biggest losses came mainly from investment scams.

Cryptocurrency scams are the second-highest unusual payment methods for losses, ahead of those using gift cards such as Apple iTunes cards or Google Pay cards.

Of the more than 670 reports submitted to the Australian Competition and Consumer Commission (ACCC), approximately fifty percent is done by men between the ages for 25 and 34. Even so, the commission cautioned that the true cost of the scams was more than likely to be more than that, as many people will probably keep it out of shame for themselves. Either that or they might be completely unaware of it.

The highest reported losses are due to cryptocurrency-based investment schemes, where investors were deceived into fake investment opportunities such as fraudulent initial coin offerings.

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The ACCC also said they received reports from victims being directed to a Bitcoin ATM to convert money to Bitcoin before they transferred it to the scammers. “These investment scams also included scammers asking for payment in cryptocurrency for forex trading, commodity trading or other investment opportunities.”

Elsewhere, the data release reveals a 95 per cent increase in remote access fraud, with $4.8 million estimated to have been lost over the last year.

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