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According to the latest data from Scamwatch, the Australian market surveillance project, the country’s residents have “fallen prey” to cryptocurrency-related investments and scams, losing AU $ 242.5 million. The data is collected for the period from January to July.
The most popular fraud methods are various fake investments and pyramid schemes.
The amount lost is already 36% more than last year, when Australians lost AUD 178.2 million.
It’s a threat that has led consumer advocates to urge banks to take on more responsibility. In other words, supervisors want banks to pay back lost funds if their customers have been scammed.
According to ABC, advocacy groups are pushing for reforms that require banks to verify that the recipient’s name matches the account name when money is transferred online.
“The key reform is to shift that responsibility from individual consumers to banks when it comes to fraudulent losses,” said Gerard Brodie, chief executive of the consumer advocacy group. Brody said a system that makes consumers solely responsible for fraud prevention is not working.
Australian Securities and Investments Commission (ASIC) Commissioner Sean Hughes urged investors to understand that investing in cryptocurrencies is a form of “extreme risk taking.” “We believe crypto assets are very volatile, inherently risky and complex,” he said.
In August, the Australian police created a special team to monitor cryptocurrency transactions.
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