Aussie Investors Have Already Lost Over dollar80M to Crypto Scams This Year
Categories: Crypto News US
Crypto scams in the land down under are on the rise as investors lost $AUD 113 million ($81.5 million) between January 1 and May 1 this year, the Australian Competition and Consumer Commission (ACCC) announced on Monday.According to Scamwatch, an ACCC-run website helping consumers and small businesses recognize, avoid and report scams, Australians lost a total of more than $AUD205 million ($148 million) to various scams (including crypto) in the first four months of this year. The majority of the reported losses over this span related to investment scams with $AUD158 million ($114 million) lost—an increase of 314% compared to the same period last year.Australians should be very wary of anyone asking them to invest in or transfer money using cryptocurrency, especially if its someone you have only met online, Delia Rickard, ACCC Deputy Chair, said in a statement. Rickard added that since many consumers are unfamiliar with the complexities of cryptocurrencies, this can make them more vulnerable to scams.The true scale of losses to scams, however, is likely to be much higher as only around 13% of people report their losses, according to the ACCC. The Commission stressed that while the number of reports has slightly reduced, the reported amount of losses—on the contrary—has increased, indicating that on average people reported higher individual losses.“We are seeing more money lost to investment scams and so are urging all Australians not to trust investment opportunities that seem too good to be true,” said Rickard.