Australians lost a staggering A$382 million to investment scams in the 2023-24 financial year, with 47% involving cryptocurrency, according to the AFP.
The Australian Federal Police revealed that a growing number of victims are now under 50, contradicting the stereotype that only older individuals are scammed.
The two prominent scam methods highlighted are 'pig butchering' and the utilization of deepfake technology, which showcase the evolving tactics of scammers.
ASIC reported closing down 615 cryptocurrency investment scams while indicating that Australians lost A$1.3 billion to investment scams last year, highlighting the crisis.
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