The latest edition of “Targeting scams,” an annual report released by the Australian Competition and Consumer Commission (ACCC) revealed that the country saw a 190 percent increase in cryptocurrency scams, with a total of $6.1 million AUD ($4.3 million USD) lost to crypto criminals.
This marks a substantial rise from the $2.1 million AUD ($1.48 million) that was reportedly lost to scams in Australia back in 2017. The increase came even amid last year’s crypto winter, which saw virtually every digital asset in circulation lose a significant chunk of its value.
Investment Scams Reign Supreme in Australia
The report reveals that most of the victims of scams in Australia were targeted by fraudulent investment schemes. These schemes often compel investors to purchase one form of crypto or another, and, in some cases, the victims are convinced to make crypto-based payments for investment opportunities in forex, commodity trading and other trading schemes.
The report notes:
“To avoid the fraud and scam detection systems employed…