Australians lost a record AU$3.1bn ($2.03bn) to scams in 2022, with cryptocurrencies used as the most common payment method for investment scams, according to a report by the Australian Competition and Consumer Commission (ACCC). Nearly 4,000 Australians reported using digital currencies for transferring funds to scammers, amounting to AU$221.3m ($148.4m). This marked a significant rise of 162.4% compared to the previous year. Investment scams accounted for over 66% of all financial losses, up from 55% in 2021, with men over 65 years of age in New South Wales being the typical victim. The report noted that new fraudulent schemes often emerge when a new online acquaintance or romantic partner offers to help invest a person's money. The ACCC said there had been new tactics to make scams difficult to detect, including text messages that appear in genuine conversation threads.

(By Andrew Asmakov)