Richard Chin of the AFP reveals that 60% of crypto scam victims are now under 50, indicating a shift from the traditionally older targets.
According to a new Australian Federal Police (AFP) report, Australians lost an eye-popping $122 million (around 180 million AUD) to crypto scams in the past year. This represents nearly 50% of the total $269 million (about 382 million AUD) lost to all investment scams during the same period.
Assistant Commissioner Richard Chin of the AFP revealed that a majority of victims are younger Australians, with approximately 60% under the age of 50. This marks a shift from the older demographic, who have traditionally been perceived as more susceptible to scams.
Report Highlights on crypto scam
The report emphasizes two key scam categories: pig butchering and deepfakes. Pig butchering sees scammers establishing personal relationships with victims via social media, only to later entice them into fake investment opportunities.
Deepfakes employ advanced AI technology to generate fake audio and video, frequently featuring celebrities such as Tesla CEO Elon Musk, in order to deceive people into investing in imaginary schemes.
Richard Chin noted, “Scammers often use high-pressure tactics and a range of methods to coerce victims into making poor investment decisions, with pig butchering and deepfake technology being among the most common approaches.He cautioned that the AFP’s reported figures could be just the tip of the iceberg, as many victims might not realize they’ve been scammed or might hesitate to report their experiences due to embarrassment. He urged, “If an investment offer seems too good to be true, it likely is”.
Scamwatch, managed by the Australian Government, indicates that investment scams are the primary way Australians lose money. In 2024, the service has logged losses surpassing $68 million (AUD 100 million). Additionally, the data suggests that people over 50 are particularly vulnerable to these scams.
Chin mentioned that the stolen money from these scams frequently ends up funding additional criminal enterprises, including money laundering and drug trafficking. He advised Australians to be vigilant and wary of investment schemes that offer unrealistic returns.
