Australia: Bitcoin Scams Are Increasing

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According to data from the Scamwatch service, which is managed by the Australian Competition and Consumer Commission (ACCC), from January to July, Australians lost 242.5 million Australian dollars due to fraudulent schemes related to investments and cryptocurrencies.

This figure is 36% higher than the total loss for all of 2021, which was 178.2 million Australian dollars ($122.7 million).

The most vulnerable category that became victims of the attackers were people over 55 and under 64 years old.

ACCC representatives has urged banks to invest in fraud prevention programs.

According to a report from the Australian Broadcasting Corporation, advocacy groups are pushing for reforms to require banks to verify that the recipient’s name and account number match when making online transactions.

Louis Adams

I am an experienced crypto news writer. I have been in the industry for many years and believe this tech can bring financial freedom to everyone.