A recent report by the Australian Competition and Consumer Commissions (ACCC) has revealed that Australian consumers and businesses lost $2 billion dollars in 2021. Alarmingly, this figure has more than doubled since 2020.

Primarily driven by Investment and romance fraud, crypto schemes are fast becoming the most popular payment method across all fraud types. With hard to track transactions, and a magnitude of losses reported, very few consumers will ever see their money again.

This is coupled with highly motivated criminals who understand the financial rewards of preying on vulnerable people.

Image: Shutterstock – Panchenko Vladmir

Produced By: Melanie Scott

Featured In Story: Paul Haskell-Dowland – Professor of Cyber Security Practice at Edith Cowan University, and Cassandra Cross – Associate Professor in the School of Justice at Queensland University

First aired on The Wire, Tuesday 12 July 2022