Australians lost $700 million in investment scams last year, mostly crypto ones
Australian Investment Scams
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Australians lost $700 million in investment scams last year, mostly crypto ones
In 2021, Australians lost more than $1.8 billion in scams – and this was reported to government officials. The ACCC estimates that actual damages will be in the range of $2 billion. Most of these scams, surprisingly none, were investment ones, including the Wild West which is crypto.
In the ACCC's latest annual Targeting Scams Report, the watchdog said investment scams caused $701 million in losses, $227 million in payment redirection scams (such as a fake email invoice requesting payment to a different bank account) and $142 million resulted in romance scandals.
But as noted by the ACCC: As only 13 percent of victims report to ScamWatch, it is clear that these numbers substantially underestimate the extent of these scams. The popularity and hype of cryptocurrency has led to an increase in the pitfalls of investment scams. At the same time, crypto is also becoming the preferred method of payment in all kinds of scams, the ACCC said.
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