Australian Government Handled More than 600 Crypto Scams in a Year
Over the last year, the Australian government has dealt with more than 7,300 scams, and more than 600 of those are crypto related.
The government is working hard to shut down websites that acutely cheat people out of their money or steal their identity. Through the Australian Securities and Investment Commission, the government has targeted a number of investment scams. This newly created service has only been in operation for a year, and already it has been extremely busy in protecting the citizens of Australia by removing harmful websites.
Many of these now-defunct websites were offering trading platforms that were not legitimate and using the lure of cryptocurrency and fake celebrity endorsements to pull people in. These are incredibly widespread and are often targeted to specific localities. The advertising and the websites for these scams can be easily adapted to show local celebrities and to sound very authentic and promising.
The Effectiveness of the Commission
The deputy chair for this commission, Sarah Court, said that it seems like new sites pop up for each one that is taken down, but that their strategy is still working and is effective. The commission is so quick to take action that they can remove a website within a few hours of it being reported to them.
Domain providers and internet service providers are working with the Australian government to discover these scam websites and get rid of them as quickly as possible.
At the rate the commission is working, they are removing about 20 sites each day, many of which are phishing sites. These ask for identifying information that can be used to steal a person’s identity or hack into their financial accounts.
Cryptocurrency scams are on the rise, especially with many crypto tokens having achieved record highs this year. With more interest in the market, there is more opportunity for scammers to take advantage of the unsuspecting populace.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals