Report: Investors In Australia Lose More Than $25M To Investment Scams

BTC-related financial frauds have now surpassed well over $18.5m, which itself is close to a forty-four percent increase over the overall damage caused by digital currency-related frauds of almost $12.8m last year.

As per Scamwatch statistics, financial scams resulted in Australian stakeholders damages of greater than 70m AUD, which roughly converts to $50.5m United States Dollar just in the first half of the current year of 2021, with digital currency-related fraud accounting for more than half of the overall damages caused within the year.

According to the ACCC, Scamwatch analysis found approximately a 53 percent rise in investment fraud-related claims, with the overall amount expected to reach $101m when the current year ends in four months.

According to Australian Competition & Consumer Commission vice-chair Rickard, relying mostly on 4,763 accounts submitted in this year alone, roughly about 2,240 reports were connected to digital currency frauds and were mostly attributable to the largest digital currency BTC.

As per Rickard, fraudsters entice traders to use phoney trading systems with popular celebrities endorsing promises of a huge sum of profits. Meanwhile, exchanges at first enabled investors to make some gains by using the resources of many other victims. Fraudsters ultimately prevent naïve participants from withdrawing their money. Rickard advised to be careful of big profit and less risky investment options, and she continued stating that If anything appears to be so good that it is highly unlikely to be real, it most probably is a scam, and people should watch out for it.

BTC-related financial frauds in Australia have now surpassed over $18.5m, which itself is a 44 percent rise over gross damages of almost $12.8m from the previous year of 2020.

Romance luring frauds, Ponzi schemes and impostor bond frauds were among the other sorts of frauds that afflicted Australian shareholders this year.

The ASIC cautioned Australians this Wednesday not to engage in digital currencies through unregistered businesses.

The authority has urged shareholders to pick financial companies that are licenced and are able to operate in Australia. According to shareholder studies, the majority of negative effects associated with digital currency investments were caused by too much borrowing money, unjust liquidations or platform failures.

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