Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at a recent warning from the Australian Federal Police regarding cryptocurrency scams.
Australian Federal Police Warning
It has been reported that at least AU$180 million ($122 million) has been lost by Australians to crypto investment scams over the past year. This news comes from the Australian Federal Police (AFP), who have also issued a warning to citizens against the proliferation and sophistication of crypto-related investment scams.
The warning was part of the Scams Awareness Week 2024 in Australia, which is a campaign aimed at reporting fraudulent schemes. The AFP joined the awareness with state police to encourage citizens to ‘share a story, stop a scam.’ The agency stated:
“The AFP is urging all Australians to be extra aware of the proliferation and sophistication of scams. Especially offers that appear too good to be true.”
As part of the warning the agency noted that Aussies under the age of 50 years have fallen for a number of cryptocurrency investment scams. Around half of the investment scams losses which have been reported to the police involved cryptocurrency according to the Joint Policing Cybercrime Coordination Centre (JPC3).
Australians lost AU$382 million ($259 million) to investment scams in 2023-24 according to the data, and among these a total of 47% of the investment scams were related to cryptocurrencies. Assistant Commissioner Chin of the AFP mentioned how the scammers often promise high returns on investments, and convince investors via marketing and new technology to lure them in. He noted:
“Scams Awareness Week is a timely reminder for all members of the community to know the signs of an investment scam and how to avoid becoming a victim. Scammers often use pressure tactics and different methodologies to lure victims into making poor investment decisions. Two common methods being pig butchering and using deepfake technology.”
The AFP along with the state and Commonwealth law enforcement partners are working to “reassure the community” on their commitment to assist victims. Some of the biggest banks and crypto exchanges have also partnered with the AFP to “assist victims of investment scams.” They look to recover money lost to fraudsters. The federal police have opened up a portal – cyber.gov.au – for crypto fraud victims to notify and report the con.
Chin encouraged anybody who has fallen victim to a scam to speak-out about the nature of the fraud to friends, family and community. This in turn will help to raise awareness and help others to avoid the same pitfall. As a part of the awareness initiative, the federal police has also released a video message highlighting how scammers operate.
Have a great day.
Peace. CryptoGod-1.
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