In 2018, Australian encryption-related fraud reports rose by nearly 200%

This figure is 190% higher than the $2.1 million ($1.48 million) lost in the cryptographic fraud reported in 2017.

According to reports, scammers often induce consumers to purchase various cryptocurrencies through fake platforms, but when consumers try to cash in on investments, scammers "look for excuses or no longer contact."

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Some investment frauds also require victims to use cryptocurrencies to pay for foreign exchange transactions, commodity trading or other investment opportunities. The ACCC said that in 2018, victims of investment fraud reported a loss of 2.6 million Australian dollars ($1.83 million) in cryptocurrency.

In some cases, it has been reported that the scammer also requires the victim to visit the Bitcoin ATM machine, convert the legal currency into cryptocurrency, and then transfer it to them.

The committee said that nearly half of the 674 cryptocurrency fraud reports made last year were made by men between the ages of 25 and 34.

In another statement, ACCC Vice President Diria Ricard said that the total loss (legal currency and cryptocurrency) reported to ACCC's scamwatch program and other government agencies was higher than A$489 million ($345 million). In 2017, it was 149 million Australian dollars ($105 million).

Rickard added:

"These record losses may be just the tip of the iceberg. We know that not everyone who suffers from fraudsters will report to government agencies."

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