Home Bitcoin News Bitcoin Scam Australians lost $26.7m to Bitcoin scams last year… and $97.7m to bank scams

Australians lost $26.7m to Bitcoin scams last year… and $97.7m to bank scams

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Australians misplaced $26.7 million in almost 2,000 completely different Bitcoin scams final 12 months – however financial institution transfers remained extra in style methodology of monetary fraud, the Australian Competitors and Shopper Fee says.

The ACCC’s 98-page annual report, “Targeting Scams”, says that scams reported to Scamwatch had been up 23 per cent final 12 months, though the ACCC had feared it might be even increased given the unprecedented occasions of the 12 months.

Financial institution transfers had been the most typical cost methodology utilized in scams reported to ACCC’s Scamwatch, with $97 million misplaced in over 8,000 completely different scams.

The vast majority of romance-based scams, 57 per cent, concerned luring the sufferer right into a cryptocurrency funding rip-off, the ACCC stated.

One individual in ACT misplaced $300,000 from a cryptocurrency funding rip-off, the ACCC stated.

“It seems to be more and more troublesome for folks to determine legit funding alternatives from scams,” the ACCC reported.

“Scammers not simply depend on skilled trying web sites. They now have the power to contact folks by cellphone, apps, social media and different means.

“We noticed extra fraudulent celeb endorsements of funding alternatives marketed throughout digital platforms in addition to scammers posing as romance pursuits to ‘bait’ folks into rip-off investments.”

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