The latest edition of “Targeting scams,” an annual report released by the Australian Competition and Consumer Commission (ACCC) revealed that the country saw a 190 percent increase in cryptocurrency scams, with a total of $6.1 million AUD ($4.3 million USD) lost to crypto criminals.This marks a substantial rise from the $2.1 million AUD ($1.48 million) that was reportedly lost to scams in Australia back in 2017. The increase came even amid last year’s crypto winter, which saw virtually every digital asset in circulation lose a significant chunk of its value.Investment Scams Reign Supreme in AustraliaThe report reveals that most of the victims of scams in Australia were targeted by fraudulent investment schemes. These schemes often compel investors to purchase one form of crypto or another, and, in some cases, the victims are convinced to make crypto-based payments for investment opportunities in forex, commodity trading and other trading schemes.The report notes:“To avoid the fraud and scam detection systems employed by banks, scammers are now increasingly asking for payment via unusual payment methods such as gift cards and cryptocurrencies.”Millennial Men: The Most Susceptible VictimsThe report also claims that out of all the 674 crypto scam cases that were reported in 2018, over half of the victims were men between the ages of 25 and 34. This number could actually be even higher, as the report suggests that some victims w...
