Australians Lost $242 Million In 2022 Due To Investment Scams

According to the most recent data from Scamwatch, Australians have continued to fall for investment and cryptocurrency-related scams, handing out 242.5 million Australian dollars to con artists so far in 2022.

The majority of money lost to scams of any kind between January and July of this year was investment scams, which can include everything from traditional Ponzi schemes to cryptocurrency fraud.

The amount is already 36% higher than the total 2021 numbers, which showed that Australians lost 178.2 million AUD as a result of investment scams during the year.

The Australian Broadcasting Corporation (ABC) reported on September 8 that advocacy organizations are pressing for changes that would require banks to verify that the recipient’s name matches the account name when money is moved online.

According to Consumer Action Law Centre CEO Gerard Brody:

“The key reform is to shift that liability from individual consumers to banks when it comes to scam losses. They ask you for the account name, but they don’t actually check.”

The PayID technology, which is optional and enables clients to view the name associated with a BSB and account number, is something that banks, however, want more customers to use. According to Brody, it is obvious that the voluntary system that makes consumers exclusively responsible for avoiding scams is ineffective.

A rise in cryptocurrency frauds and hacks, as well as the broader market decline, seems to have increased Australian authorities’ monitoring of the cryptocurrency industry.

The Australian Federal Police established a specialized unit to track cryptocurrency-related transactions in August after earlier labeling the technology an “emerging threat” due to an increase in criminal activities.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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