An increasing number of Tasmanians, both young and old, are falling for cryptocurrency scams.
Since the beginning of the year, a total of 133 reports of crypto scams have been filed across the state, resulting in an approximate total loss of around $6 million.
One Tasmanian reportedly lost “more than $2 million” in a scam earlier this year, while others also experienced losses from as low as $20,000.
The figures come as Tasmania Police warn people to be vigilant about being targeted through online apps and social media platforms.
Detective Sergeant Paul Turner from Tasmania Police’s Cyber Crime Unit said criminals are known to use fake identities to develop relationships with their victims.
Once trust is established, these criminals pose as cryptocurrency experts, convincing victims to invest through fraudulent websites or apps under their control.
“They coach them through the investment process, show them fake profits, and encourage them to invest more,” Turner said.
“However, when victims attempt to withdraw their money, they are told they need to pay a fee or taxes, and even when they do pay, they are unable to get their money back.”
He said victims are then often subjected to further exploitation through cryptocurrency recovery schemes.
“Victims may be contacted directly on social media, with an offer from a fraudulent business claiming to provide cryptocurrency tracing, and promising to recover the funds they have lost.”
Anyone who thinks they are the victim of a scam can contact www.cyber.gov.au
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