Australian Consumer Authority (ACCC): “Australians Lose Nearly $15 Million USD Since Start of 2019”

Australians lose over half a billion AUD dollars in 2019 through financial scams with the crypto industry contributing close to $15 million in the past seven months.

The Australian Competition and Consumer Commission (ACCC) announced the country was set to witness record losses in scams, with the figure expected to reach $532 million USD by December 2019. Cryptocurrency scams contributes to AUD $14.97 million of this amount from January to July this year.

The country is celebrating its National Scams Awareness Week this week and the ACCC is campaigning against consumers falling into scams. The theme for the week is “too smart to get scammed?” which highlights the overconfidence of consumers to not getting scammed. The deputy chair of the ACCC, Delia Rickard said,

“Many people are confident they would never fall for a scam but often it’s this sense of confidence that scammers target. People need to update their idea of what a scam is so that we are less vulnerable.”

Cryptocurrency scams are a popular way for professional scammers to thrive given the public’s ignorance on the industry. The report further claims that the industry uses social media platforms, celebrity endorsements, and fake websites and online platforms to scam the investor by making them look legitimate businesses.

To protect themselves, users are urged to be vigilant to who you are dealing with on the internet and be wary of giving out personal or financial information to websites you do not trust.

Australia is one of the crypto friendly jurisdictions across the world but the ongoing crypto scams in the country is a cause of concern for the authorities. On August 8, the Australian authorities charged five Exmount Holdings group members for a crypto related scam worth AUD $2.7 million ($1.8 million USD).

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