The Australian Federal Police (AFP) noted that 60% of victims were under 50, contrary to the usual trend of older individuals being targeted.
According to new research from the Australian Federal Police, Australians have lost a total of $122 million ($180 million AUD) in the past year due to fraudulent cryptocurrency schemes.
The majority of those who have fallen victim to these schemes are under the age of 50. In a statement dated August 28, the Australian Federal Police (AFP) disclosed that fraudulent investment schemes had resulted in a total loss of $269 million (or $382 million AUD) during the previous year, with around 47% of these schemes being associated with cryptocurrency.
Richard Chin, an assistant commissioner with the Australian Federal Police, stated that the age of the victims was another significant finding from all of the allegations they received.
Approximately sixty percent of the victims were under fifty years old, outnumbering older Australians, who are typically more vulnerable to con artists.The methods heavily relied on contemporary technology.
The AFP found that the two most common scams encountered were deepfakes and pig slaughtering.”Scammers promise high returns with little risk, using convincing marketing and new technology to make the investment sound like it would be too good to miss,” Chin added.
Scammers practice pig butchering by establishing personal contact with their victims through social media or other platforms before convincing them to participate in fraudulent schemes.
Deepfakes use artificial intelligence (AI) to generate audio and video, often featuring celebrities and other well-known public personalities, to promote fraudulent investment schemes.
These days, the voice and likeness of Tesla CEO Elon Musk are among the most popular selections for artificial intelligence crypto fraudsters. Chin believes that the data provided by the AFP is likely just the beginning.
He thinks more people are taken advantage of because they are unaware or too embarrassed to report scams. When it comes to investing opportunities, he advised that if they appear to be too good to be true, then they most likely are.
“Financial gain is what motivates most scammers however stolen funds could be used to bankroll future criminal ventures such as money laundering, trafficking illicit drugs, or human exploitation.”
According to the website of the Australian government known as Scamwatch, investment scams continue to be the most common way for Australians to lose money.
As of the present moment, there have been reports of losses that have amounted to more than $68 million ($100 million AUD) in 2024. On the other hand, contrary to the data provided by AFP, Scamwatch reveals that the majority of persons who fall prey to fraudulent schemes are those who are above the age of fifty.
