According to a recent report by the Sydney Morning Herald, criminals have shifted their attention from card fraud to cryptocurrencies in Australia.
The fraud rate on car payments has declined significantly in recent years following the introduction of additional safety measures. AusPayNet’s Andy White has attributed the decline to robust customer identification.
Due to rapidly surging prices, cryptocurrencies became an even more lucrative target for fraudsters in 2021, according to ACCC deputy chair Delia Rickard.
Rickard has noted that cryptocurrencies have become a preferred payment method for all sorts of scams.
In June, the Australian Competition and Consumer Commission (ACCC) reported that Australians had lost more than $205 million to scams. Notably, cryptocurrency investments accounted for the majority of lost funds ($113 million). The ACCC warned that consumers are vulnerable to cryptocurrency scams, which is why they should be very cautious when it comes to dubious investment offers.
Alex DovbnyaBack in March, the government published a consultation paper covering cryptocurrency market licensing, taxation, custodial services as well as decentralized autonomous organizations.
As reported by U.Today, Prime Minister Anthony Albanese announced the start of “token mapping” in a first governments around the world. Australia will determine the characteristics of the main cryptocurrencies.
Last month, the ACCC started testing a new service that automatically takes down cryptocurrency scam websites once people report them.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Arman Shirinyan
Dan Burgin
Vladislav Sopov