Australia has been labeled a hotbed for Bitcoin scams according to Consumer Affairs Victoria, a unit of the Department of Justice and Regulation. They stated that frauds related to Bitcoin and crypto have continued to raise eyebrows on investors.
Most reports bases around victims who lose their cryptocurrency through fake websites that stance as Bitcoin vendors. The reported average loss per victim is about $300.
In January 2018 alone, Australians were scammed approximately $10,692,438 mainly through Ponzi and pyramid schemes. In fact, that led to about $4.63 million loss during the month from investment schemes. The previous month it was a loss of about $2.9 and $1.7 million 12 months ago.
These reports arise after the Australian regulators, the Australian Communications and Media Authority (ACMA) warned investors in the continent last October over Bitcoin and Ethereum based scams.
On the other hand, The Australian Competition and Consumer Commission (ACCC) has also recorded numerous reports concerning cryptocurrency fraud.
Regrettably, most of these reports come from people between the ages of 25 and 34. Nevertheless, the most significant amount of assets filched are from the digital wallet of people aged between 45 and 54 years. Older adults, instead, have proven they are less likely to lose their Bitcoin because since they almost certainly don’t own any.
Australian Competition and Consumer Commission also reported that the losses associated with investment scams are up overall. Australians lost over $31.15 million in 2017 which translates to about 32 percent more than the 2016 loss.
The good news is that the individuals who were robbed of their Bitcoin or Ethereum can now purchase both at almost any newsstands within the continent. Over 1,200 newsstands begun offering Ethereum and Bitcoin for purchase On March 1.
Purchases from the mentioned newsstands are not cheap, though. Any purchase of a cryptocurrency from a participating newsstand carries a rather substantial 5 percent fee. According to Rupert Hackett, the CEO Bitcoin.com.au, that cost is worth it.
Optimistically, the individuals who buy Bitcoin from newsstands are wise they can keep it secure this year and many more years to come.