Australia Loses $122 Million To Crypto Scams — Young Investors Hit Hard
Australians lost A$180 million ($122 million) to crypto investment scams in the past year, accounting for nearly half of the A$382 million ($259 million) lost to all investment scams in the 2023-24 financial year. The Australian Federal Police (AFP) reports that 60% of scam victims are under 50 years old, challenging the notion that older individuals are the most vulnerable. Scammers employ sophisticated tactics, including “pig butchering” and deepfake technology. Common scams involve fake trading apps, fraudulent platforms, and bogus investment opportunities. The Australian Securities and Investments Commission (ASIC) has removed over 7,330 phishing sites and 615 bitcoin frauds since July 2023. Total damages from investment scams exceeded $1.3 billion in 2023. The AFP urges caution and emphasizes the need for public awareness and legislative measures to protect investors from high-pressure schemes targeting younger individuals.
