Data released by the Australian Federal Police as part of their Scam Awareness Week education campaign shows Aussies reported $382 million of losses to investment scams in the 2023-24 financial year, with almost half of these losses involving crypto.AFP Issues Alert on Crypto Scams Amid $180 Million Loss in Just 12 Months
The data also shows that contrary to popular belief, it’s not just the doddery oldies losing their dough, with 60% of reports involving victims under the age of 50.
Australians reported losing AU$382 million to investment scams in the 2023-24 financial year according to data released yesterday by the Australian Federal Police (AFP). The AFP says almost half of the total losses to investment scams were in the form of cryptocurrency.
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The AFP’s data also shows that under-50s are now the most likely victims—upending the common notion that most investment scam victims are the kind of oldies who accidentally type Google search terms into their Facebook status update.
Impact Of Scams Not Limited to The Old or Naive, Says AFP
The data — released as part of the AFP’s Scam Awareness Week education campaign — was collected by the Australian Cyber Security Centre (ACSC) and is made up of reports to police via cyber.gov.au. Worryingly, the AFP’s data found that 47% of the total losses to investment scams last financial year involved crypto — AU$180 million of the total AU$382 million.AFP Issues Alert on Crypto Scams Amid $180 Million Loss in Just 12 Months
Perhaps because of the prevalence of crypto, which is more popular among younger Aussies, the data also shows that around 60% of investment scam victims were aged under 50. AFP Assistant Commissioner Richard Chin said it’s a “misnomer that only older people were victims of scams”.
Chin added that this data provides an important reminder that everyone needs to remain vigilant against scams, it’s not only naive or non tech-savvy people who are impacted:
AFP Working with Partners to Combat Scams
The AFP highlighted two scamming tactics Australians should be on heightened alert for:
Pig butchering, in which scammers slowly build a close relationship with a victim, creating a sense of trust before encouraging them to invest in fraudulent schemes; and
Deep fakes, in which scammers impersonate well known figures to foster a sense of familiarity and trust before fleecing their victims.
Assistant Commissioner Chin advised all Australians “to exercise a high degree of caution when approached by unknown entities on the internet or over online communication platforms offering an investment opportunity.”
He also encouraged victims to tell their story, even if they’re embarrassed, saying that by sharing their stories victims can increase awareness and help prevent others falling victim:
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