Australian cryptocurrency scams earned $4.3 million last year, up 190%

Australian fraudsters earned $4.3 million (AU$6.1 million) with cryptocurrency scams last year—a revenue increase of 190 percent when compared to 2017. The Australian Competition and Consumer Commission (ACCC)’s new report details the extent of the nation’s problem with cryptocurrency fraud. In total, it fielded 674 reports of scams that requested cryptocurrency for payments in 2018. Almost half of of all losses were reported by men aged 25 to 34, and over 80 percent were contacted via the internet (social media, forums, or email). The most successful cryptocurrency scam category was investment fraud, with $1.8 million (AU$2.6 million) in reported losses. “To avoid…

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