Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals

Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals


Investment scams have been by far the most common type in Australia recently, a new report by the country’s consumer watchdog has revealed. And while a growing number of Australians fall victim to fraudulent schemes involving cryptocurrency, bank transfers remain the scammers’ favorite way to extract money.

Australians Lose $670 Million to Scammers in a Year, Including $75 Million Through Bank Transfers

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.

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The review compiles data from the commission’s own Scamwatch website, Australia’s cybersecurity center Reportcyber, other government agencies, and about a dozen banks and financial intermediaries. ACCC Deputy Chair Delia Rickard commented:

Last year, scam victims reported the biggest losses we have seen, but worse, we expect the real losses will be even higher, as many people don’t report these scams.

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