The largest age group that has fallen for scams is those over 55 and below 64 years old. According to Scamwatch’s most recent data, Australians continue to be duped by crypto-related and investment scams. They have lost 242.5 million Australian dollars so far in 2022 to scammers, according to Scamwatch.
Between January and July this year, most funds lost to all kinds of scams were invested scams. These range from romance baiting to classic Ponzi schemes to cryptocurrency scams.
This figure is already 36% more than that of all 2021. It revealed that Australians lost 178.2 millions Australian dollars to investment frauds in the previous year.
Consumer advocates are pushing banks to take more responsibility for scam reimbursements in order to “drive greater investment to stop fraud.”
A Thursday report by the Australian Broadcasting Corporation (ABC) shows that advocacy groups are pushing reforms to require banks to verify the name of the recipient when money is transferred online.
The banks should be liable for scams, says Gerard Brody
Gerard Brody, CEO Consumer Action Law Centre, stated that “the key reform is to shift this liability from individual consumers towards banks when it comes down to scam losses.”
“They ask for your account name but don’t really check.”
Banks want to encourage more customers to use the PayID technology. This allows customers to see their name and account numbers attached to a BSB.
Brody stated that it was obvious that the optional system that requires consumers to take sole responsibility for preventing frauds wasn’t working.
The Australian authorities seemed to have intensified their scrutiny of the crypto space, despite a rise in hacks, scams and general market downturn.
According to reports, Sean Hughes, a commissioner of the Australian Securities and Investments Commission (ASIC), urged investors Sunday to recognize that crypto investments are a form “extreme risk-taking.”
According to local media, ASIC commissioner Sean Hughes stated that he wanted to make sure consumers entering the market are clear and unambiguous.
We believe that crypto assets can be highly volatile, risky, and complex.
After deeming cryptocurrency “emerging danger” due to increased criminal activity, the Australian Federal Police created a dedicated team to monitor cryptocurrency-related transactions.
In August, the Australian Labour government also announced its position regarding crypto regulation. Crypto exchange Binance Australia also announced tightening of the onboarding process for new customers to protect those flagged as being most vulnerable to financial cryptocurrency crime.