Report: Volume of Money Making Crypto Scams Upsurges around 190% in Australia

By Kapil Gauhar

The latest report has revealed that the number and volume of money making cryptocurrency scams have upsurged up to 1905 in Australia in comparison with that of 2017’s. However, the report also notes that the amount lost is still far lower than what was actually lost by Australians in fiat frauds.

The Australian Competition and Consumer Commission (ACCC) reveals in the latest report that the cryptocurrency scammers in the state have been flourishing in 2017 and 2018, in spite of an abysmal bearish market.

Australian nationals have lost about half a billion dollars to frauds in the last couple of years. In 2017, the financial damages entwisted by the cryptocurrency community equalled a little over $2 million.

The FinTech cons catch money from their prey through Google Play cards as well as the cryptocurrency for escaping the antidotes established by AML systems, supervisors, and banks.

In 2018, the losses reportedly surged to $6 million regardless of the crypto winters. The frauds have begun to use innovative financial technology as the watchdogs are setting too many hurdles for doing that with authorised money.

In the beginning, when BTC and ALT realised their unprecedented hikes in the year 2017, the rate of cryptocurrency frauds by then also developed dramatically.

The reports by the Australian Competition and Consumer Commission tells that multiple investors were captivated by the high-level propaganda around the cryptocurrency market and were inquisitive about giving their cash to startups promising extraordinary and speedy revenues in the cryptocurrency market.

Upon the consumer’s attempts for taking out profits, the scams went missing most of the time. The scam targets were mostly males who were reportedly between the ages of 25 to 35 years.

Regardless of ample loss of the funds by the investors, this was just a bit of what was historically lost in outmoded scams. Mostly, about $490 million went astray in the past year which is 1.25% of the last-mentioned amount.