Australian Authorities Sound Alarm on Crypto Investment Scam

In 2023-24, cryptocurrencies were found to be involved in almost half (47%) of all investment scam losses reported by the AFP. This amounts to a substantial percentage of the overall AU$382 million (US$259 million) loss incurred from such scams during that timeframe.

Assistant Commissioner Chin stressed the significance of identifying scam indicators to prevent falling prey. Scammers use appealing pitches of low risks and high profits luring clueless individuals. Their marketing stratagems, utilization of modern advancements, as well as coercive methods can lead victims into hastened investment choices falsely generated by such predators.

The AFP is dedicated to fighting against these fraudulent schemes and providing aid to those impacted. This dedication encompasses collaborating with law enforcement partners at both state and Commonwealth levels, as well as teaming up with financial institutions and digital currency exchanges in order to retrieve stolen funds, while also offering assistance for victims.

The AFP has taken steps to increase public empowerment, unveiling a dedicated portal for reporting crypto fraud on cyber.gov.au. Additionally, victims of these crimes are urged to speak out about their experiences with loved ones and the broader community in order to raise awareness and prevent others from becoming victimized by comparable scams.

“Targeting victims would become increasingly difficult for unscrupulous criminals if more individuals were aware,” declared Assistant Commissioner Chin. He emphasized the importance of following the golden rule of investment – “If an opportunity appears too good to be valid, it undoubtedly is.”

The Australian Federal Police is striving to arm the general public with adequate knowledge and resources through their preemptive actions and awareness-raising efforts, in order to safeguard themselves against cryptocurrency investment frauds.