The ACCC reported in a report last month that Australians have lost around $81.5 million in crypto scams this year. This has increased the need for vigilance against cyber crimes. ACCC chief Gina Cass Gottlieb said in a statement: “First we need to stop scammers from reaching people. To do this, we need to increase the scrutiny of the means by which they contact people to target people. These include phone calls, SMS, social media and email. Also we have to let people know if a scammer contacts them and they can identify them.”
Scammers try to entice their victims by offering higher return on investment. They often use cryptocurrencies for payment. This is an easy way for scammers to obtain payments due to the lack of regulations regarding cryptocurrencies and the difficulty of tracking the transactions associated with them. Some scammers also try to cheat investors by creating fake websites. Crypto scammers are now also using LinkedIn as a means of fraud. These professionals are contacting LinkedIn users by presenting themselves as financial advisors. These users are being offered scam schemes.
In this method of fraud, scammers initially try to gain the trust of LinkedIn users by advising them on investments. After a few months, users are asked to invest in sites run by scammers. LinkedIn reported in a report that it caught about 99.1 percent of spam and scams between July and December last year through automated methods.
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