Australians has reportedly lost more than $70 million in investment scams in the first half of 2021, with crypto scams having the majority percentage.

  • According to a report by Scamwatch, the cryptocurrency scams are the most commonly reported scams, with about 2,240 reports, which are mainly related to Bitcoin (BTC).
  • The Australian Competition and Consumer Commission ACCC Deputy Chair Delia Rickard said, “Investment scams are more prevalent than ever, and scammers are capitalizing on interest in cryptocurrency in particular.”
  • The scammers mostly use highly profitable trading systems to lure customers and make bogus promises of high profits with less risk. They also use celebrity endorsements to prove the legitimacy of their plans.
  • The Bitcoin scams have increased from $17.8 million to $25.7 million this year, 44 percent more than the previous year.
  • These scammers target the age group of 18-24 years, with a 66% increase in the number of reports by this age group and the losses of more than $1.7 million so far.
  • The Australian Securities and Investments Commission (ASIC) has asked the investors not to provide any personal details to the unsolicited caller and always invest with an advisor registered with ASIC and has a valid Australian Financial Services (AFS) license.

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