In 2022, Australians lost 221.3 million Australian dollars ($148.3 million) as a result of investment scams in which bitcoin was utilised as a payment method, a 162.4% rise over 2021.
According to an April 17 scam activity report from the Australian Competition and Consumer Commission (ACCC), 3,910 crypto scam event reports were made in total, with the average Australian victim losing AU$56,600 ($37,900).
Scams cost Australians more money than ever before in 2022, but the ultimate cost of scams is considerably higher since they create emotional misery to victims, their families, and companies.
The average investment scam victim in Australia is a 65-year-old man who was approached on social media or replied to a fake advertisement, according to statistics from the ACCC scam database Scamwatch.
