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25 June 2021

Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals – Bitcoin News

Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals – Bitcoin News


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Residents of Australia have lost $851 million Australian dollars (almost $670 million) in over 444,000 reported scam cases in 2020, the Australian Competition and Consumer Commission (ACCC) announced in its latest Targeting Scams report published Monday.

The agency has registered increasing financial losses to investment scams in 2020 with the total figure reaching a record-high $328 million Australian dollars ($254 million).

Reports to Scamwatch increased by 63% to 7,295 and losses rose to $66 million Australian dollars, or over $51 million.

Bank transfers remained the most common payment method used by scammers, with over $97 million Australian dollars ($75 million) lost through such transfers, a 40% increase over the previous year.

Amid an ongoing Covid crisis, health and medical scams increased last year more than 20 fold compared to 2019, accounting for over $3.9 million Australian dollars ($3 million) in losses.

In total, citizens filed 414 reports of such scams, with losses reaching $15.4 million Australian dollars (almost $12 million).

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