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The Australian Federal Police (AFP) says Australians reported losing crypto worth AU$180 million (about $122 million) in investment scams in just 12 months. AFP gave the update in a new release published earlier today and noted that victims were likely under age 50. Notably, 60 percent of scam reports to police came from those under 50.
The police acknowledge the financial pressure experienced by Australians but warn against the proliferation and sophistication of scams, particularly those that seem too good to be true.
Crypto Fraud on the Rise in Australia
According to recent data from the Australian Cyber Security Centre (ACSC), Australians lost AU$382 million ( roughly $259 million) to investment scams between 2023 and 2024. Almost half of these investment scam losses, approximately 47%, involved cryptocurrency.
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Earlier this month, the Australian Securities and Investments Commission (ASIC) said it has crackled on over 600 crypto frauds in the past year. The regulator noted that crypto scammers increasingly use Artificial Intelligence (AI) to deceive unsuspecting investors.
Meanwhile, the AFP investigated several crypto phishing scams that affected at least 2,000 Australian-owned crypto wallets.
Regulators Creating Crypto Scam Awareness
To combat crypto scams, the AFP partnered with state and territory police to encourage all Australians to share their stories during Scams Awareness Week, which runs from August 26 to 30.
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“Scams Awareness Week is a timely reminder for all community members to know the signs of an investment scam and how to avoid becoming a victim,” says AFP Assistant Commissioner Richard Chin.
He added that investment scams were often underreported because people are either too ashamed, unaware of their victimization, or embarrassed to report the crime to authorities. He, therefore, assured the community that the police are working in partnership with enforcement agencies to stop scammers from their tricks.
Common Crypto Scams Tactic
The recent release raises particular alarm over the use of deep fakes and pig butchering to defraud individuals. These tactics make it increasingly difficult for individuals to identify fraudulent schemes.
Deepfakes are lifelike impersonations of actual people generated using AI technology. Scammers use video advertising, photos, and news stories featuring celebrities and other trusted public figures to sell fake investment schemes.
On the other hand, pig butchering is a tactic where scammers spend time building relationships with their victims on social media or messaging apps. Subsequently, they encourage their victims to invest in the share market, crypto, or foreign currency exchanges on illegitimate platforms
