Australians Lose $122 Million to Crypto Scams in 12 Months, Younger Individuals Become Primary Targets

According to a recent warning by the Australian Federal Police (AFP), Australians have lost up to A$180 million ($122 million) to crypto-related investment scams over the past 12 months.

Australians have lost up to A$180 million ($122 million) to crypto-related investment scams in the past 12 months, out of a total A$382 million ($259 million) lost to all investment scams during the 2023-24 financial year, according to a warning by the Australian Federal Police (AFP).

These losses highlight a rising threat in the digital investment landscape, with younger individuals, surprisingly, becoming primary targets. Around 60% of scam victims were under 50 years old.

The AFP highlighted the use of sophisticated scam tactics by fraudsters to deceive victims, techniques that include “pig butchering” and deepfake technology.

Common Crypto Scam Tactics in Australia

Crypto scammers in Australia use several methods to target investors, especially those under 50, with tactics ranging from fake crypto trading apps downloaded from scammer websites to fraudulent trading platforms and wallets that lock out victims after fund deposits. They also use tactics like fake tokens, investments or job offers that require crypto payments.

Continuing Scam Threats

In response to the growing number of scams, the Australian Securities and Investments Commission (ASIC) has taken down 615 fraudulent bitcoin investment websites in the past year. However, scammers continue to adapt, refining their tactics to stay ahead of authorities.

Since July 2023, ASIC has helped remove over 7,330 phishing sites, including 5,530 fake investment websites, 1,065 phishing scam links and 615 crypto investment schemes.

With total losses exceeding $1.3 billion in 2023, investment scams are the most prevalent type of fraud affecting Australians.

How to Avoid Crypto Scams?

The AFP has urged investors to exercise caution and thoroughly vet any investment opportunities that appear too good to be true, especially those involving cryptocurrency payments. Heightened public awareness and stronger regulations are needed to protect investments in the digital age, especially as scammers increasingly exploit young investors with deceptive high-pressure schemes.

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