A recent report from the Australian federal police revealed that Australians lost $122 million to crypto scams in the past year, with most victims under 50 years old. Investment scams totaled $382 million, with 47% related to crypto. Scamwatch data shows scams are often initiated through text or email. Scammers target victims under 50, using modern methods like pig butchering and deepfakes. Scammers promise high returns with low risk, exploiting new technology to deceive victims. The AFP warns that the reported data is likely just the beginning, as many victims may not realize they've been scammed. Investment scams remain prevalent in Australia, with losses exceeding $68 million in 2024. Scamwatch data contrasts AFP findings, showing older Australians are more susceptible to fraud. Elon Musk's image and voice are commonly used in AI-generated scams. Australians are urged to be cautious of investment opportunities that seem too good to be true. Read more AI-generated news on: https://app.chaingpt.org/news