TechFlow reports that the Australian Federal Police (AFP) announced on Wednesday that Australians lost A$180 million (US$122 million) in cryptocurrency to investment scams within just 12 months, urging the public to remain vigilant as such scams become increasingly prevalent and sophisticated.
According to data collected by the Australian Cyber Security Centre (ACSC), Australians lost a total of A$382 million (US$259 million) to investment scams during the 2023–24 financial year, with 47% of those losses involving cryptocurrency.
The AFP noted that victims are more likely to be under the age of 50, with 60% of scam reports actually coming from individuals under 50.
Earlier this month, the Australian Securities and Investments Commission (ASIC) stated that in the first year of its program targeting fraudulent investment websites, it had shut down 615 cryptocurrency investment scams, while Australians lost A$1.3 billion (US$870 million) to investment scams last year.
