CANBERRA: According to a new report released on Monday by Australia's top competition regulator, Australians lost more than twice as much money to scammers in the first four months of 2022 as they did the previous year.

According to a report, based on data from Scamwatch, which is run by the Australian Competition and Consumer Commission (ACCC), Australians lost over Australian dollar 205 million (USD 147 million) to scams between January 1 and May 1, 2022, a 166 percent increase from the first four months of 2021. The majority of the money lost was lost as a result of investment frauds, which accounted for more than 75% of all money lost.

"We're seeing more money lost to investment scams, so we're advising all Australians to be wary of investment possibilities that appear too good to be true," said ACCC Deputy Chair Delia Rickard. Furthermore, the majority of the frauds included bitcoin or false cryptocurrency investments and were carried out via text messaging.

The ACCC urged people to be vigilant in sending cryptocurrencies to people they had only met online. "Many consumers are unaware of the subtleties of cryptocurrencies, making them more vulnerable to scams," Rickard said.
The agency is due to establish new rules to prohibit spam text messages later this year in reaction to the sharp spike in scams, and is currently examining a number of cryptocurrency fraud organisations.

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