Crypto Scams: Australian Consumers are the Latest Victims

Crypto scams are a prominent problem within the crypto industry. Even though the problem has been addressed on many occasions, and many are fighting to solve it, that doesn’t mean that the general public can sit back and not do their part to stay vigilant. 

By being duped by these scams, you run the risk of ending up like Australian consumers in 2017. What does that mean? Read on, you’ll soon understand. 

Crypto Scams Hit Australia 

Yesterday, Australia announced that its consumers lost over $2.1M to crypto scams last year. Specifically, Australia’s Competition and Consumer Commission posted its annual scams report on Monday, which showed that crypto scams skyrocketed in 2017. 

According to the findings, there was more than $2M lost last year. Of that, scams cost Australian consumers around $100,000 per month. The month range was from January to September.  The report also stated that the main forms of crypto scams that hit Australia were fake ICOs and crypto pyramid ploys.

Unfortunately, the Commission stated that it does not believe that these types of scams will stop anytime soon. That may change, however. Why? Well, for starters, next month, the FTC is hosting a workshop to teach the masses how to recognize and not get fooled by crypto scams.  The more educated people are, the less of a chance they have at getting fooled by cryptocurrency scams. 

Crypto Scams in Other Parts of the World

As mentioned, crypto scams are a recognized problem in the crypto space. This month, we have seen the FTC discuss it, and we have also seen Richard Branson come forward to discuss the problem. Branson put a scam on blast earlier this month for using his face and name to lure its victims. 

Moreover, in April, finance giant Martin Lewis sued Facebook for allowing cryptocurrency scams on its platform. Specifically, scams that used his face and name. 

The Takeaway

It’s likely Australia’s Commission is right; crypto scams and fraud are probably going to be around for a while. All that we can do is learn from past mistakes, stay vigilant, and know what to expect from the sector before putting your eggs in its basket. 

Featured Image: Twitter

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