a list of the top-10 ways to spot a cryptocurrency scam. The advisory came amidst a steep rise in crypto-related investment scams in the country this year.
The statement was published by the ASIC as a part of its Scams Awareness Week 2022, which will take place between 7 and 11 November.The AISC puts crypto-related scams into three categories, which are –Using fake crypto tokens to facilitate money laundering activitiesThe top signs of a crypto-scam include “receiving an offer out of the blue,” “fake celebrity advertisements,” and being asked by a “romantic partner you only know online” to send funds in crypto.
Moreover, the ASIC listed some other signs that one may not realize are fraudulent immediately. These include –Being asked to pay more money to gain access to fundsBeing offered “free money” or “guaranteed” investment returns.“Australians lost more than $701 million to investment scams in 2021, up 135% from the previous year and these scams are continuing to increase. The main driver of the increase was cryptocurrency investment scams, where losses increased by 270%.
The Australian Competition & Consumer Commission mentioned that combined losses from scams this year might reach $4 billion, a number that is already significantly higher than 2021. The ASIC also asked individuals who have been scammed to not delay action and report the incident to the concerned bank or financial institution immediately. Users are expected to stay wary of unverified applications not listed on the Apple Store or the Google Play Store.Subscribe to get it daily in your inbox.
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