According to Scamwatch data, in the first six months of 2021, investment fraud in Australia cost investors more than 70 million Australian dollars (US$50.5 million), of which crypto fraud caused more than 50% of the loss Data.
As reported by the Australian Competition and Consumer Commission (ACCC), Scamwatch data shows that reports related to investment fraud have increased by 53.4% and will exceed $101 million by the end of this year.
Based on only 4,763 reports received in 2021, ACCC Vice Chairman Delia Rickard stated that 2,240 of these complaints were related to cryptocurrency fraud, mainly due to Bitcoin (Bitcoin).
Ricard said that scammers lure investors to use fake trading platforms with celebrity endorsements to ensure high profits. Although the trading platform initially allowed investors to use the assets of other victims to withdraw part of their profits, scammers eventually prevented careless investors from withdrawing their investments. “Be wary of low-risk, high-return investment opportunities. If something sounds too good to be true, it may be so,” she added.
Bitcoin-related investment scams in Australia have exceeded $18.5 million, a sharp increase of 44% compared to the total loss of nearly $12.8 million in 2020.
Other types of scams that plague Australian investors include Ponzi schemes, imposter bond schemes, and romantic bait schemes.
On Wednesday, the Australian Securities and Investments Commission (ASIC) asked Australian citizens to stop investing in cryptocurrencies through unlicensed entities.
The regulator has Investors are advised to choose financial institutions Holds an Australian financial services license. According to reports received from investors, ASIC pointed out that most of the losses related to crypto investments are due to “excessive leverage, platform interruption or unfair liquidation”.