THELOGICALINDIAN - The Australian Competition Consumer Commission ACCC has appear a address on trends aural the betray abridgement during 2024 The address identifies cryptocurrency accompanying artifice to comprise beneath than 1 of the betray action recorded in Australia aftermost year
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Cryptocurrency Scams Responsible for 0.6% of Australian Losses to Fraud in 2024
The ACCC has appear its anniversary report on the Australian betray economy. The address provides acumen into “emerging trends and techniques active by scammers.”
During 2024, the ACCC, and added pertinent Australian government institutions accustomed “over 200,000 betray reports” agnate to “losses beyond $340 actor [AUD]” (approximately $258 actor USD) – an access of 13.3% compared with 2024’s absolute losses.
During 2024, the ACCC attributes $2.1 actor AUD ($1.59 actor USD approximately) in losses to cryptocurrency scams – a megre 0.617 percent of Australia’s accumulated losses to scams.
Cryptocurrency Scams Peak During December 2024
The address states that the prevalence of appear cryptocurrency scams was carefully activated to the abstract aberration surrounding basic currencies aftermost year.
The states that “In the fourth division of 2024, the amount and acceptance of cryptocurrencies added common [….] Between January and September 2024, about $100,000 was appear absent per ages to scams which had a cryptocurrency angle. However, in the ages of December 2024, appear losses to Scamwatch exceeded $700,000 and the boilerplate appear accident had jumped from $1885 in January to $13,205.”
The address additionally states that “With the added acceptance of cryptocurrency belief in the aftermost division of 2024, affected antecedent bread offerings and added cryptocurrency-related scams were appear […] to the ACCC.”
Many Victims Recommended Scams by Friends
The ACCC describes a array of altered scams involving cryptocurrency that were appear during 2017. In accession to “fake antecedent bread offerings,” the address states that added scammers “capitalized on the accepted abashing about how cryptocurrency works and instead of bodies advertent how to anon buy cryptocurrencies, abounding begin themselves bent up in what were about pyramid schemes.” The address adds that “A cardinal of letters showed that victims entered into cryptocurrency-based scams through accompany and ancestors who assertive them they were assimilate a acceptable thing, a archetypal aspect of pyramid schemes.”
The address additionally states that “Not all cryptocurrency-related scams absorb victims attempting to advance in stocks or antecedent bread offerings. Many scammers additionally ask for acquittal through cryptocurrencies for a array of scams because it is easier to abide bearding while accepting payment. Ransomware scammers for example, frequently ask for acquittal through Bitcoin.”
Crypto Fraud Dwarfed by Losses Incurred by Other Scams
The ACCC address states that losses to advance scams exceeded $64 actor AUD (approximately $48.6 actor USD) in 2017 – a 33% access from 2016. The address additionally estimates that dating and affair scams accounted for over $42 actor AUD (roughly $31.9 USD).
The ACCC additionally states that “Australian businesses were targeted by business email accommodation scams” – consistent in over $22.1 actor ($16.8 actor USD approximately) actuality transferred to scammers.
Do you anticipate that the boilerplate anecdotal surrounding cryptocurrency and scams is counterbalanced or embellished? Share your thoughts in the comments area below!
Images address of Shutterstock, accc.gov.au
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