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A report released by the Australian Competition and Consumer Commission shows that Australians got conned out of more than $4 million, due to cryptocurrency scams in 2018.
The Australian Competition and Consumer Commission’s revealed its 10th annual Targeting scams report, which highlights the increasing harm of scams to the Australian community.
'Total combined losses reported to Scamwatch and other government agencies exceeded $489 million AUSD, $149 million more than 2017', ACCC Deputy Chair Delia Rickard said.
The country 'down under' saw an increase of almost 200% in cryptocurrency scams, which resulted in a total of $4.3 million lost to cryptocurrency criminals.
The report points out that the true cost of scams is likely much higher as many scams are not reported.
'The reasons for this vary', the report states. 'Some scam victims are embarrassed, some are unaware of where to report scams and others may fear the consequences of their own behaviour, particularly if they are manipulated into committing crimes such as money laundering or participating in pyramid schemes. Unfortunately, there are also many Australians who are not aware that they are caught up in long-term scams and continue to send money to scammers for years.'
The ACCC suspects that the losses reported to the government are just the tip of the iceberg.
'These record losses are likely just the tip of the iceberg. We know that not everyone who suffers a loss to a scammer reports it to a government agency', Rickard added.
The report shows that the majority of the victims of scams in Australia were targeted by fraudulent investment schemes. These schemes often require unsuspecting investors to make crypto-based payments for investment opportunities in forex, commodity trading and other trading schemes.
'To avoid the fraud and scam detection systems employed by banks, scammers are now increasingly asking for payment via unusual payment methods such as gift cards and cryptocurrencies', the report states.
The report further reveals that men are more susceptible to cryptocurrency crimes, as the report shows that males were more affected by investment scams, while women lost more to dating and romance scams.
The ACCC has been working with banks, financial intermediaries and online classified sites to disrupt scams, 'but this year we, along with the ACMA and ACSC, would also like to see social media platforms and telecommunications providers doing more to limit the ability of scammers to connect with victims', Ms Rickard said.
News: Scams cost Australians half a billion dollars https://t.co/1MAXftYr8H
— ACCC (@acccgovau) April 28, 2019
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