Crypto Scams in Australia: $122 Million Lost in 12 Months!

Over the past year, Australians have been particularly affected when it comes to fiscal impairment by crypto scams which reached $122 million. The Australian Federal Police (AFP) has highlighted two primary methods scammers are using: deepfakes with regard to pig butcher. Now it is high time to turn to the details of these worrying tendencies and to investigate how they affect Australians.

Rising Trends of Cybercrimes: A Wave of Online Fraud

The AFP report also pointed out that Aussies were conned out of a combined total of $269 million ($382 million AUD) by investment scams in the last 12 months, which 47% were investing in cryptocurrencies. This goes a long way in explaining the rising incidences of such cons in the financial markets.

Who Are the Victims?

Another important conclusion made by the AFP is related to the victims that occurred in relation to the conflict. Further contrary to most people’s expectation that the elderly in Australia are most at risk of falling victim to scams, evidence shows that about 60 percent of the victims are younger than fifty years. This evolution in the identity of the victim means that the new generations people who are more likely to use the Internet, are also not protected against such scams.

Deepfakes and Pig Butchering

Currently, and through the use of some of the most sophisticated technologies, fraudsters are using deepfakes and pig butchering practices to perpetrate their scams on the unsuspecting public.

Deepfakes: A Deceptive Tool

Deepfakes are nothing but fake replicas made through the help of artificial intelligence; deepfake is a realistic and typical duplication of a person’s voice and visual image and can include any public figure like Elon Musk of Tesla. These videos and audios are edit and dubbed with the aim of advertising fake investment products that are made to look legit.

Pig Butchering: One way is to use a manipulative tactic.

Pig butchering is one of the most subtle scams where the scammer stays connected with the victim for a long time, maybe, months until the money transfer through social media. After gaining the victim’s trust the con artist convince him / her to invest his or her money in a business that is later revealed to be an outright scam.

The Effect of These Frauds

It is regrettable to note that these scams have ramifications that are not strictly pecuniary in nature. The victims as well, suffer emotional trauma, and the proceed made from the fraud can be channeled into other fraud related activities like money laundering and human exploitation. As per the comments of the AFP Assistant Commissioner Richard Chin, the highlighted numbers do not totaling to the actual incidents of email scams, since many victims have no idea they have been cheated, or are too ashamed to come forward.

Conclusion: Staying Vigilant

Even as the scams of cryptocurrencies continue to rise in complexity, one has to be wary of them. These are important tips to consider if an investment appears to be too good a deal to miss, as the commonly used proverb goes, ‘If it sounds too good to be true, it probably is’. Take precautions by doing your home work well before any investment offers and be careful with any promising investment offers that you had not sought for. Always bear in mind that if anybody offers you a chance to make substantially high returns with minimal risks involved, then abrupt alarms should ring in your mind, conceivably it could be a scam.

Read Also:

polkadot coin review and fundamental analysis