Cryptocurrency has been making headlines in recent years as investors seek to capitalise on the potential rewards offered by digital currencies. However, with the rise in the popularity of cryptocurrencies, there has also been a significant increase in scams targeting unsuspecting Australian investors. Shockingly, data from Scamwatch has revealed that Australians lost over $205 million to scams between 1 January and 1 May 2022, representing a staggering 166% increase compared to the same period last year. Moreover, most losses over this period were attributed to investment scams, with an eye-watering $158 million lost— a 314% increase compared to the same period last year. And of these investment scams, the majority of losses involved crypto investments, with $113 million reported lost this year alone. In fact, cryptocurrency is now the most common payment method for investment scams. With investments scams becoming increasingly sophisticated, falling victim to them is becoming a lot more common. Avoiding scams requires vigilance and education on what to look out for. In this article, we’ll take a closer look at the top 5 cryptocurrency scams and how you can avoid falling victim to them.
Full story : Top 5 Cryptocurrency Scams (And How To Avoid Them).
