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Investment scams in Australia cost investors more than 70 million Australian dollars ($50.5 million) in the first six months of 2021, with crypto scams contributing to more than 50% of the losses, according to Scamwatch data.
As reported by the Australian Competition and Consumer Commission (ACCC), Scamwatch data shows a 53.4% increase in investment scam-related reports, which is set to exceed $101 million by the end of this year.
Based on the 4,763 reports received in 2021 alone, ACCC deputy chair Delia Rickard stated that 2,240 of the complaints were related to cryptocurrency scams and mainly attributed to Bitcoin (BTC).
Rickard said that scammers lure investors into using fake trading platforms with celebrity endorsements that promise high profitability. While the trading platforms initially allow investors to withdraw some profits using other victims’ assets, the scammer eventually stops unwary investors to withdraw their investments. “Be wary…
