Report: Australians lost at least $6.1 million in cryptocurrency fraud in 2018, an increase of 190% over 2017

On April 29th, the Australian Competition and Consumer Commission (ACCC) released the “Report on Fraud: 2018 ACCC Report on Fraud”, which showed that in 2018, Australians lost at least $6.1 million due to cryptocurrency fraud, including “investment”. Fraud has the highest losses, up 190% from the $2.1 million reported in 2017. This makes cryptocurrency-based scams the second most unusual way to pay for losses, more than the use of gift cards such as Apple's iTunes card or Google Pay card. The highest loss in the report is the “investment scam” based on cryptocurrency, that is, individuals are tricked into entering false investment opportunities, such as false first-time token issuance. The ACCC said: "The victims reported that they were deceived by cybercriminals and purchased various cryptocurrencies through the scammer's software platform, but like other investment scams, when they tried to cash out, these scammers either made excuses or no longer contacted. The ACCC also said that these investment scams also include scammers requesting cryptocurrencies to pay for foreign exchange transactions, commodity trading or other investment opportunities. They received a report from the victim, who was directed to the Bitcoin ATM machine, converted the money into bitcoin, and then transferred it to the scammer.