According to Cointelegraph, the Australian Federal Police (AFP) report shows that Australians have lost $122 million (A$180 million) to crypto scams in the past 12 months, with most victims being people under the age of 50.
The AFP revealed in an August 28 statement that total losses from investment scams reached US$269 million (A$382 million) last year, of which approximately 47% were cryptocurrency-related.
Data from the Australian government website Scamwatch shows most scams are launched via text message or email. AFP Assistant Commissioner Richard Chin said about 60% of the victims were under the age of 50.
The scams mainly rely on modern technology, and common types include "pig slaughter" and "deep fakes." "Pig slaughter" refers to scammers inducing victims to invest in fake projects after establishing personal relationships through social media.
"Deep fakes" use artificial intelligence to generate celebrity audio and video to promote fake investment schemes. The voice and image of Tesla CEO Elon Musk are common choices.
Chin said the AFP data was likely just the tip of the iceberg, with many more victims either unaware they were being scammed or too embarrassed to report the crime. He warned, "If an investment opportunity sounds too good to be true, it probably is."
Scamwatch data shows more than $68 million ($100 million) has been lost to investment scams in 2024, but unlike the AFP data, people aged over 50 are the main victims.
