New Australian Report Shows That Fraudsters Pick Bank Transfer Over Cryptocurrencies

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A growing number of Australians have fallen victim of investment scams and fraudulent schemes. However, according to new report, scammers prefer bank transfers to cryptocurrencies. Australians Lose $670 Million to Scammers In 2020 The Australian Competition and Consumer Commission (ACCC) said in its annual Targeting Scams report published Monday that residents of Australia lost $851 million Australian dollars (almost $670 million) in over 444,000 reported scam instances in 2020. The evaluation gathers information from the commission’s own Scamwatch website, Australia’s cybersecurity center Reportcyber, other government agencies, and a dozen banks and financial intermediaries. Delia Rickard, Deputy Chair of the ACCC, stated: “Last year, scam victims reported the biggest losses we have seen, but worse, we expect the real losses will be even higher, as many people don’t report these scams.” In 2020, the agency recorded an increase in financial losses due to investment frauds, with the overall amount reaching a…

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