Crypto Fraud In Australia Reaches IDR 1.8 Trillion Losses, Young Generation Becomes The Main Target

Crypto scams in Australia have reached a loss of IDR 1.8 trillion, the younger generation is the main target (Photo; Doc. Gianaqmagette)

JAKARTA - Australia is facing an increasing number of cases of crypto investment fraud. In the past year, the losses suffered by Australians as a result of this fraud reached 180 million Australian Dollars or around Rp. 1.8 trillion. Surprisingly, the majority of victims of this fraud are those under 50, marking a change in trend from an old view that states that older age groups are more vulnerable to this kind of fraud.

Data collected by the Australian Cybersecurity Center (ACSC) through police reports on cyber.gov.au sites revealed that the total loss due to investment fraud in the 2023-2024 financial year reached 382 million Australian Dollars (approximately IDR 4 trillion), with 47% of that amount coming from crypto-based fraud. The fact that about 60% of this report came from Australians under 50 indicating a major change in the pattern of fraud, where the younger generation is now the primary target.

Quoted from Crypto Potato, Assistant Commissioner of Australian Police, Richard Chin, emphasized that this trend challenges the general view that only the elderly are easily victims of fraud. Many fraudsters use high pressure tactics and various methods to deceive victims into making bad investment decisions, "said Chin.

The two most commonly used methods by criminals are the "pig butchering" scheme and deepfake technology. In the "pig butchering" scheme, the perpetrator targets the victim by establishing a relationship that seems sincere, only to then manipulate them into making a profitable investment for the perpetrator. Meanwhile, deepfakes are used to falsify identity or information, making fraud increasingly difficult to detect.

Chin also emphasized the importance for the public to always be vigilant and not rush in making investment decisions. He advised anyone who feels hesitant to immediately stop communication, seek independent financial advice, and report alleged investment fraud to the financial institutions or crypto exchanges used, as well as to authorities via cyber.gov.au.

Australian police and other law enforcement partners are working closely with the banking industry and crypto exchanges to help victims of investment fraud and try to recover lost funds. Chin also reminded that if an investment opportunity sounds too good to be true, then most likely it is fraud. Funds stolen from victims can be used to fund other criminal activities, such as money laundering, drug trafficking, or human exploitation.

Pada bulan ini, Komisi Sekuritas dan Investasi Australia (ASIC) mengungkapkan bahwa mereka telah menutup 615 situs web penipuan investasi kripto dalam upaya untuk mengatasi maraknya situs penipuan tersebut. Intikasi Pemerintah Australia untuk memerangi penipuan sangat bergantung pada kemampuan ASIC untuk menurunkan situs web penipuan investasi, yang berperan penting dalam melindungi warga Australia dari kejahatan ini.