Cryptocurrency Scams Exploding in Australia, Take Care

As the world moves more and more towards a cashless society, scammers have taken note and have begun to focus their efforts on crypto currencies such as Bitcoin.

Australia is unfortunately one of the countries that is being hit the hardest by these scams. In fact, Australians have already lost over $113 million to crypto scammers in just the first half of this year!

How Are Crypto Scammers Targeting Australians?

The majority of crypto scams in Australia are conducted via text message.

Scammers will impersonate a friend or family member and ask for money to be transferred to them in order to invest in a new cryptocurrency. They might also promise high returns on investments, or claim to have insider knowledge about the cryptocurrency market that can help you make a fortune.

In some cases, scammers have even taken control of people’s social media accounts and used them to post fake investment opportunities. So be extra careful if you’re ever approached with an investment offer that seems too good to be true – it probably is!

Australians already swindled $113 million in 2022

Cryptocurrencies are all the rage right now. You’ve seen the headlines about people becoming millionaires overnight by investing in bitcoin and other digital currencies.

While cryptocurrencies may be a sound investment, they’re also a prime target for scammers. Unfortunately, Australians have already lost millions of dollars to crypto scams in just the first half of 2022.

The ACCC has released data that shows Australians have lost lots of millions, amounting to over over $100 million so far in 2022 alone.

The ACCC is now urging people to be vigilant when it comes to investing in cryptocurrencies, as scammers are increasingly targeting people with fake investment schemes.

Cryptocurrencies are a hot topic at the moment, and many people are rushing to invest in them without doing their research. This is leaving them vulnerable to scams, so it’s important to be aware of the warning signs and only invest money you can afford to lose.

If you’re thinking of investing in cryptocurrencies, be sure to do your research and only invest money you can afford to lose. And if you’re ever approached with a crypto investment opportunity, always be sure to ask for proof of legitimacy before proceeding.

Scammers Now Turning to Deepfakes

Cryptocurrency scammers are now using deepfakes of celebrities and well-known journalists in order to try and con people out of their money. In other cases, they are also targeting people who own unique virtual assets known as Non-Fungible Tokens (NFTs). These tokens can represent anything from game items to real estate, and as such, hold a lot of value for their owners.

Due to the complex and often confusing nature of cryptocurrency, many consumers are unfamiliar with the technology. As a result, they can be easily duped by scammers who are well-versed in the ways of cryptocurrency. It is therefore important for Australians to be vigilant when it comes to dealing with crypto investments, and to only enter into deals with parties that they trust implicitly.

If you’re not careful, you could easily become a victim of one of these scams. Be vigilant about any offers or investments that seem too good to be true, and never send money or cryptocurrency to someone you don’t know and trust.

The best way to confirm if a cyrpto investment is legitimate is by checking with government agencies. They have sufficient checks including severe security requirements for crypto investment companies who have been approved to operate. Any entity that hasn’t been approved by authorities should be treated with a lot of suspicion.

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