According to a report recently published by the Sydney Morning Herald, criminals in Australia have turned their attention to credit card fraud. to cryptocurrencies has shifted.
“Cryptocurrency Fraud Increases While Other Fraud Methods Decrease”
The rate of fraud in car payments in the country has decreased significantly in recent years following the introduction of additional security measures. Andy White, CEO of Australian Payments network AusPayNet, attributes this decline to strong customer identification.
According to Delia Rickard, vice-chairman of the Australian Competition and Consumer Commission (ACCC), crypto assets have become an even more lucrative target for scammers in 2021 due to rapidly rising prices.
Rickard stated that crypto assets have become the preferred payment method for all kinds of scams.
“Out of $205M Fraud Occurring in Australia, $113M Is Crypto-Related”
In June, the Australian Competition and Consumer Commission (ACCC) reported that Australians lost more than $205 million to fraud. It was noteworthy that the majority of the lost funds ($113 million) were made up of cryptocurrency investments.
The ACCC warned that consumers are vulnerable to cryptocurrency scams and therefore should be very careful when it comes to questionable investment offers.
AusPayNet’s White says it’s understood by the new federal government that crypto assets need to be regulated just like any other financial service.
“If you’re a bank and you’re making a payment, it’s either in Australian dollars or in Australian dollars. bitcoin regardless of gender, it should be regulated in the same way”.
In March, the Australian government issued a recommendation covering cryptocurrency market licensing, taxation, custody services and DAOs.
*Not investment advice.
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