10 Ways to Spot a Crypto Scam
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10 Ways to Spot a Crypto Scam Should you invest in cryptocurrency? What is cryptocurrency? How do know your crypto investment is real? How do you know if it is a scam? In 2021, Australians lost more than $701 million to investment scam. The Australian Securities & Investments Commission (ASIC) has released 10 ways to spot a crypt scam. See below for 10 ways to spot a crypt scam:
“ You see a celebrity advertisement that is actually a fake “
ASIC Deputy Chair Sarah Court: “Australians lost more than $701 million to investment scams in 2021, up 135% from the previous year and these scams are continuing to increase. The main driver of the increase was cryptocurrency investment scams, where losses increased by 270%. The ACCC have advised that losses to crypto scams have increased further in 2022. Given this concerning trend, we want to arm Australians with the information they need to protect themselves from scammers.”
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ASIC Deputy Chair Sarah Court: “If you think you’ve been the victim of a crypto scam, it’s important to act quickly. Draw a line under it. Don’t send any more money. Block all contact from the scammer. Do not delay. Contact your bank or financial institution immediately to report the scam. Ask them to stop any transactions. Also, warn your family and friends so they can watch out for potential follow-up scams. When Australians fall victim to scams the cost is often more than purely financial. Scams cause emotional stress and can impact relationships.”
10 Ways to Spot a Crypto Scam
Cryptocurrency bitcoin In support of Scams Awareness Week, The Australian Securities & Investments Commission (ASIC) is warning consumers of the key signs of a crypto scam and advising what to do if you’ve been scammed.
Crypto scams fall into three broad categories, including:- scams where you think you’re investing in a genuine asset but it’s a fake crypto exchange, website or app;
- fake crypto tokens (used to steal your crypto assets), and jobs trading crypto that look legitimate at first glance (but are really money laundering using crypto); or
- scams that use crypto-assets to make a payment.
“ You see a celebrity advertisement that is actually a fake “
According to ASIC’s investigators, the top–10 signs of a likely crypto scam are:
ASIC Deputy Chair Sarah Court: “If you think you’ve been the victim of a crypto scam, it’s important to act quickly. Draw a line under it. Don’t send any more money. Block all contact from the scammer. Do not delay. Contact your bank or financial institution immediately to report the scam. Ask them to stop any transactions. Also, warn your family and friends so they can watch out for potential follow-up scams. When Australians fall victim to scams the cost is often more than purely financial. Scams cause emotional stress and can impact relationships.”
- To understand more about crypto scams, see ASIC’s Moneysmart website.
- For the latest scams information, visit scamwatch.gov.au.
- For crisis support contact Lifeline on 13 11 14.
- For emotional support contact Beyond Blue on 1300 22 46 36.
Background
The ACCC’s Targeting Scams Report 2021 shows key trends in scam activity including the latest data. Scams Awareness Week is an annual campaign, led by the ACCC, that aims to reduce the impact of scams by helping consumers identify and avoid scams. This year, it runs from Monday 7 to Friday 11 November. To find out more, see the ACCC’s Scams Awareness Week information. ASIC’s Moneysmart website also has useful guidance for investors on how to avoid crypto scams.
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Originally posted on: https://www.caproasia.com/2022/11/19/10-ways-to-spot-a-crypto-scam/?utm_source=rss&utm_medium=rss&utm_campaign=10-ways-to-spot-a-crypto-scam