Home Scam/Fraud Australians Reported Loses of $25M from Crypto Scams in the First Half...

Australians Reported Loses of $25M from Crypto Scams in the First Half of 2021

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Cryptocurrency scams were reportedly the most common type of fraud in Australia during the first six months of the year. Locals parted with roughly $25 million after becoming victims of such fraudulent schemes.

‘If Something Sounds Too Good to Be True, It Probably Is’

According to a recent report by the Australian Competition and Consumer Commission (ACCC), investment scams have risen to record levels in the country this year. Interestingly, frauds involving digital assets represent half of the total cases.

Delia Rickard – ACCC Deputy Chair – revealed Aussies lost nearly 70 million AUD (or 50 million USD) because of such scams for the period between January and July 2021. Cryptocurrencies, and especially Bitcoin, ranked first as the most common investment frauds:

“More than half of the $70 million in losses were to cryptocurrency, especially through Bitcoin, and cryptocurrency scams were also the most…

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