Advertisement
ABC Report: Aussies Targeted for Crypto Scams as “Easy Prey”
- A shocking ABC report has unveiled that Australians are often targeted by overseas crypto scammers due to the resident’s wealth and trusting nature.
- Additionally, scammers believe that the AFP is less likely to go after international criminals, a perception local authorities are looking to change.
- All up, Aussies lost approximately AU $300m to investment scams in 2023, with 47% of them involving cryptocurrency.
An in-depth ABC report on crypto scams has revealed that Aussies are targeted by malicious call centres due to their higher average income and trusting nature.
In addition, the Australian Federal Police and associated anti-cybercrime bodies are viewed as less willing to combat international criminals – especially in comparison to nations like the United States. While crypto scam call centres fear retribution after victimising Americans, the same concern is largely absent when targeting Aussies, making them “easy prey”.
Related: ASIC Sounds Alarm to Sceptical Crowd at Sydney Digital Asset Event
Australian Police “Do Not Do Much” to Overcome International Crypto Scams
According to the ABC article, Aussies are disproportionately singled out by international scam syndicates due to several factors. Significantly, Australians have a relatively high average income (top 20 per capita), making them appealing victims for fraudulent investment schemes.
The report interviewed a Ukrainian migrant who worked in a crypto call centre, who highlighted the importance of wealth when assessing potential targets.
I was told Australians have good money, a good salary.
“Mark” – the pseudonymous name of the scam whistleblower
Even more noteworthy is the stigma surrounding Australia’s enforcement of international scammers. According to the interview, scammers perceived the AFP and other watchdogs as being lax on overseas operations – largely informed by a history of inaction.
Mark
“Ever since I’ve been in the industry, [scammers have] never targeted Americans because they believe the American government reacts to certain things like that, and you’re going to be busted…they saw that Australians do not do much, because this industry has been in Australia for a very long time.”
Scam Call Centres Are Often Set Up Like A “Real Business”
The article, which interviewed a former employee of one such “company”, unveiled that these shady operations don’t necessarily match up to most people’s vision. The man, who interviewed under the pseudonym “Mark”, was roped into a Ukrainian call centre job selling crypto scams.
He claimed that the office space appeared like any other professional business – employees worked in dress attire, pop music was “pumping out of the speakers” and amenities were provided for workers.
Australia is unfortunately a hotspot for investment scams, with the nation’s watchdog ScamWatch reporting AU $300m lost to such schemes in 2023. According to the Federal Police, about 47% of these losses involve crypto – while approximately 600 of the reported 5,000 fake investment websites were crypto-related.
Local authorities have ramped up efforts to squash international organisations in recent times, launching “Operation Firestorm” in mid-2024 to battle global cyber scammers.
Get the most important crypto news delivered to your inbox by subscribing to the CNA newsletter
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
