The Australian Federal Police (AFP) said the pandemic sparked a surge in crypto scams as 2.5 million Australians started investing for the first time during the lockdown. Reports indicate that losses involving crypto saw a 172% increase in January and November worth $109 million.
<h2><strong>The Rising Crypto Scams is a Concern for Australian Federal Police</strong></h2>
According to a local media <a href="https://www.abc.net.au/news/2021-12-08/cryptocurrency-scams-targeting-australians-losing-millions/100678848" target="_blank" rel="nofollow noopener">report</a>, the Australian Federal Police (AFP) said that cryptocurrency scams have “exploded” during the pandemic. Data from the Australian Competition and Consumer Commission (ACCC) shows a 172% increase in losses between January and November, totaling $109 million.
<blockquote><em>“Criminals are really quick to exploit a crisis,” Australian Federal Police Cybercrime Commander Chris Goldsmid told the ABC. “We’re also seeing more and more people working from home which presents greater opportunities for criminals to target people.”</em></blockquote>
<a href="https://www.cryptoknowmics.com/news/sweeping-legislation-allows-officials-from-the-afp-and-acic-to-target-suspected-criminals/">AFP</a> Cybercrime Commander Chris Goldsmid said his force was increasing its resources to track down the perpetrators.
<blockquote><em>“We see a range of criminal groups behind these scams, and many of them originate offshore. That's why we work very closely with our international partners to investigate those matters and share intelligence and evidence with our foreign law enforcement partners to take action." </em></blockquote>
He says consumers who realize they've been scammed should immediately lodge a case with the government website, Report Cyber, which is then sent to police.
<h2><strong>Australians Might Have Lost Over $100M in Crypto Scams</strong></h2>
Data from Finder shows that around 2.5 million Australians started investing for the first time during the pandemic, with many turning to cryptocurrencies. In August, the ACCC warned that investment scams had cost <a href="https://www.cryptoknowmics.com/news/australians-are-diversifying-their-investments-with-cryptocurrencies-finder/">Australians</a> over $70 million in the first half of 2021, with significant losses coming from the crypto space.

Overall, scams involving cryptocurrencies were likely to be far higher than the $109 million it has recorded so far this year, according to ACCC. What’s more, scams involving Bitcoin reached $25.7 million this year, compared to $17.8 million across all of 2020, representing a 44% increase.

Australian Federal Police Claims Crypto Scams Exploded During the Pandemic

The Australian Federal Police (AFP) said the pandemic sparked a surge in crypto scams as 2.5 million Australians invest for the first time.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Australian Federal Police Claims Crypto Scams Exploded During the Pandemic

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