🚨 Young Australians are the new target of cryptocurrency scams, causing at least $122 million in losses in the past year
⚖️ Cryptocurrency scams are becoming a big problem in Australia, and it seems that young people are now the main victims. In the past year, these scams have caused at least $122 million in losses, and most of the victims are young people under the age of 50, which breaks the traditional idea that older people are more likely to be deceived.
🏛️ Data from the Australian Cyber Security Center (ACSC) shows that investment scams caused $269 million in losses in the 2023-24 fiscal year, nearly half of which were related to cryptocurrencies. Assistant Commissioner of the Federal Police Richard Chin pointed out that the methods used by scammers include high-pressure sales tactics and so-called "pig killing" schemes, as well as deep fake technology, all of which are designed to trick victims into making wrong investment decisions.
👮♂️ To meet this challenge, Australian police advise the public to be vigilant and not act rashly because they feel pressure to invest. If an investment opportunity sounds too good to be true, it probably is a scam. In addition, the police are working closely with the banking industry and digital currency exchanges to help victims recover their funds.
🔍 Meanwhile, the Australian Securities and Investments Commission (ASIC) is also actively combating these scams. Their collaboration with the National Anti-Scam Centre (NASC) has successfully reduced fraud losses from $1.5 billion in 2022 to $1.3 billion in 2023, and ASIC has played an important role in identifying and shutting down fraudulent investment websites.
💡 The ACSC also reminds the public that if you suspect you have encountered a scam, remember to report it to your financial institution or digital currency exchange in a timely manner, and you can report it to the authorities through cyber.gov.au. While seeking independent financial advice, do not trust investment opportunities that sound like high returns.
💬 What do you think about young Australians becoming the main target of cryptocurrency scams? What strategies do you have to prevent scams in cryptocurrency investment? Let us be vigilant together and protect the safety of our funds together!
