Australians Lost $122M in Crypto to Scams Over 12 Months: AFP Warns Public

Australians have lost a staggering $122 million in cryptocurrency to investment scams over the past year, with victims increasingly under the age of 50. The Australian Federal Police (AFP) urges heightened vigilance as scammers employ sophisticated tactics.

In a stark warning to the public, the Australian Federal Police (AFP) revealed that Australians lost an alarming $122 million in cryptocurrency to investment scams over the last 12 months. This figure represents nearly half of the total A$382 million ($259 million) lost to investment scams during the 2023-24 financial year, according to data collected by the Australian Cyber Security Centre (ACSC).

The AFP’s announcement underscores a growing concern that the victims of these scams are no longer predominantly older individuals. In fact, 60% of the scam reports made to the police came from people under the age of 50, challenging the misconception that only the elderly are vulnerable to such fraud.

AFP Assistant Commissioner Richard Chin emphasized the sophistication and proliferation of these scams, highlighting how scammers use advanced pressure tactics to coerce victims into making poor investment decisions. Among the most common methods are “pig butchering” schemes, where victims are groomed over time to make large investments, and the use of deepfake technology to create convincing but fake investment opportunities.

The Australian Securities and Investments Commission (ASIC) has also been active in combating these scams, shutting down 615 fraudulent cryptocurrency investment sites in the first year of a dedicated program. Despite these efforts, Australians lost a staggering A$1.3 billion ($870 million) to investment scams last year, indicating the scale and persistence of the problem.

With these losses continuing to mount, the AFP is urging all Australians to remain vigilant and informed about the risks of cryptocurrency investments. The agency advises thorough research before making any investment decisions and cautions against succumbing to high-pressure tactics that scammers frequently employ.

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