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Thursday, March 23, 2023

Australian Markets Regulator Releases List of “Top 10 Ways to Detect Cryptocurrency Scams”

The Australian market regulator has published a list of the “Top 10 Ways to Spot a Cryptocurrency Scam” amid a rise in crypto-related investment scams this year.

The Australian Securities and Investments Commission (ASIC) public advisory statement was released as part of Scam Awareness Week 2022, an initiative that teaches Australians to recognize scams of all kinds., The campaign will run from November 7 to 11.

ASIC said Australians had already lost more than the $701 million total figure in 2021 through “investment scams” in 2022While ASIC Vice President Sarah Court blamed cryptocurrencies for the sharp increase in investment scams over the past two to three years:

“The main driver of the increase was cryptocurrency investment scams, where losses increased by 270%. The ACCC has reported that crypto scam losses have increased further in 2022.”

“In view of this worrying trend, We want to give Australians the information they need to protect themselves from scammers.”

As part of the notice, ASIC stated that cryptocurrency scams fall into three categories. The first refers to scams in which the victim thinks they are investing in a legitimate asset. However, the cryptocurrency app, exchange or website turned out to be fake.

The second scam involves counterfeit cryptocurrency tokens used to facilitate money laundering activities, while the third type of scam involves the use of cryptocurrencies to make fraudulent payments.

ASIC says that The main signs of a crypto scam include “receiving an offer out of the blue”, “fake celebrity ads” and “romantic partners you only meet online” asking to send money in cryptocurrency.

Other red flags are being asked to pay for financial services in cryptocurrencies, more money to be used to use the funds, investment income withheld “for tax purposes”. Or being offered “free money” or “guaranteed” investment returns.

The market regulator also said that it is common for scammers to pressure victims to transfer cryptocurrencies to their websites., To avoid this problem, ASIC also advises crypto investors not to use web applications that are not listed on the Apple Store or Google Play.

Other things to note if “Weird tokens appear in your digital wallet”, ASIC said.

In the event of a scam, the Court strongly advises victims not to “further money” to scammers and to “block all contact” with them if their identity is known:

“Don’t delay. Contact your bank or financial institution immediately to report a scam. Tell them to stop any transactions. Also, warn your family and friends to be on the lookout for potential follow-up scams.” “

A 7 November report by the Australian Competition and Consumer Commission (ACCC) predicted that The scam deficit in Australia will reach 4 billion Australian dollars by the end of 2022.

ACCC has received $10 million in seed funding as part of its budget to create a national anti-fraud center to support the community in its fight against cybercriminals, what was that Confirmed by Financial Services Minister Stephen Jones on 7 November.

David Cook, The host of the Australian breakfast show Sunrise, ha Demand The ACCC will make social networks such as Facebook, Instagram and LinkedIn more accountable for scam content found on their platforms.

the explanation: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information provided here should not be construed as financial advice or investment recommendation. All investment and commercial activities involve risk and it is the responsibility of each individual to do their due research before making an investment decision.

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Investing in crypto assets is not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The offering of services or products is not targeted or accessible to investors in Spain.

World Nation News Desk
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