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The Australian Federal Police (AFP) has warned citizens about crypto scams after at least $180 million worth of cryptocurrencies was reported lost in investment scams in just 12 months.

With scammers implementing new tactics, the AFP urged all Australians to be aware of the “proliferation and sophistication of scams — especially offers that appear too good to be true.”

In a report published on Aug. 28, the AFP-led Joint Policing Cybercrime Coordination Centre (JPC3) revealed the new data as part of Scams Awareness Week, which is happening from Aug. 26 to 30. 

Apart from the crypto scams, Australians nearly lost a total of $382 million in investment scams in the 2023 to 2024 fiscal year. During this period, the report highlights that 60% of the people who fell for the investments were under the age of 50. 

The National Anti-Scam Centre (NASC) revealed that $159.82 million in losses were reported in 2024 alone. Among the total losses, $94 million was lost through investment scams, while $13 million was lost through pig butchering. 

Out of the total 164,117 reported scams, reports reveal that around 63,121 scammers made contact through text messages, while 51,023 reported scams originated from email. 

Advising Australians on how to avoid falling for these scams, AFP Assistant Commissioner Richard Chin, said:
“Investment scams are fraudulent schemes that deceive people into investing money under false pretenses. Scammers promise high returns with little risk, using convincing marketing and new technology to make the investment sound too good to miss.”

Chin mentioned that the two most common scam methods Australians fall for are pig butchering and deepfake technology. 

In the pig butchering tactic, scammers try to form a relationship with the victims usually through social media channels. After forming a close relationship, the scammer would urge the victim to invest in fake platforms. The victims end up losing their money once they transfer their amount to illegitimate trading platforms. 

Deepfakes impersonate real people usually popular individuals created by artificial intelligence technology. The scammer would create fake video ads or images to promote fake investment schemes. 

Chin encouraged the public to be cautious especially when approached by unknown entities on the internet and assured that they are “committed to assisting victims and stopping scammers in their tracks.”

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