Sydney, Aug 28: The Australian Federal Police (AFP) is alerting Australians to the growing threat of cryptocurrency investment scams during Scams Awareness Week.
Australians have reported losing at least $180 million in cryptocurrency investment scams over the past year, with those under 50 now the most frequent victims.
Nearly half of all reported investment scam losses involve cryptocurrency, as per data from the AFP-led Joint Policing Cybercrime Coordination Centre (JPC3).
The AFP has launched Operation Firestorm, a global initiative targeting organized crime networks behind these scams.
The operation will utilize capabilities previously employed against some of the world’s most dangerous criminals, focusing on cybercriminals and human trafficking networks in South-East Asia and Eastern Europe.
Assistant Commissioner Richard Chin emphasises that scams are no longer confined to older individuals, with younger Australians increasingly targeted.
He highlights common scam tactics such as “pig butchering,” where scammers build a relationship with victims before tricking them into investing in fake platforms, and the use of deepfake technology to impersonate public figures in fake investment schemes.
Assistant Commissioner David McLean stated that the AFP, supported by international partnerships, will relentlessly pursue these syndicates, emphasizing the long-term commitment required for such complex investigations.
The AFP’s efforts are coordinated through the JPC3, which brings together Australian law enforcement, financial institutions, and international partners to combat cybercrime and protect the Australian community.
Both Chin and McLean urge Australians to remain vigilant, avoid pressure tactics, and seek independent financial advice before making any investments.
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