Crypto scams have replaced credit card scams in Australia due to the growing popularity of digital assets
According to a recent report from the Sydney Morning Herald, criminals have shifted their focus from card fraud to cryptocurrencies in Australia.
The rate of car payment fraud has decreased significantly in recent years following the introduction of additional security measures. Andy White of AusPayNet attributed the decline to strong customer identification.
Due to rapidly skyrocketing prices, cryptocurrencies have become an even more lucrative target for fraudsters in 2021, according to ACCC Vice President Delia Rickard.
Rickard noted that cryptocurrencies have become a preferred payment method for all sorts of scams.
In June, the Australian Competition and Consumer Commission (ACCC) reported that Australians had lost more than $205 million to scams. Notably, cryptocurrency investments accounted for the majority of lost funds ($113 million). The ACCC has warned that consumers are vulnerable to cryptocurrency scams, which is why they should be very careful when it comes to dubious investment offers.
She believes it is possible to reduce the number of fraud cases related to cryptocurrency with the help of strict regulation. White is also a firm believer that cryptocurrencies should be regulated like any other crypto scam.
Last March, the government released a consultation document covering cryptocurrency market licensing, taxation, custodial services as well as decentralized autonomous organizations.
As U.Today reports, Prime Minister Anthony Albanese has announced the start of “token mapping” in a first government across the world. Australia will determine the characteristics of the main cryptocurrencies.
Last month, the ACCC began testing a new service that automatically removes fraudulent cryptocurrency websites once people report them.
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