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Crypto scam websites to be closed in Australia

Crypto scam websites to be closed in Australia

Last updated on June 5, 2023 4:19 am

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Scammers try to entice their victims by offering higher return on investment. They often use cryptocurrencies for payment


  • Some scammers also create fake websites to dupe investors
  • There is an increased need for vigilance against cyber crimes
  • There is a lack of regulation regarding cryptocurrencies
Crypto scam websites to be closed in Australia

Crypto scammers are now using LinkedIn as a source of fraud

In the last few years, the cases of scams or scams have increased in the crypto market. To deal with this, scam crypto websites will be removed in Australia. The Australian Competition and Consumer Commission (ACCC) has hired Netcraft, an Internet services firm from England, for this. This firm will identify such suspicious websites. After this these websites will be removed.

The ACCC told in a report last month that this year Australians have lost about $81.5 million in crypto scams. 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. This requires increasing scrutiny of the means by which they contact people to prey on them. These include phone calls, SMS, social media and email are included. Along with this, we have to give people the information that if a scammer contacts them and they can identify it.

Scammers try to trap their victims by offering high returns on investment. They often use cryptocurrencies for payment. Due to the lack of regulations regarding cryptocurrencies and it is very difficult to track the transactions related to them, this is an easy way for scammers to get the payment.

Some scammers also try to cheat investors by creating fake websites. Crypto scammers are now also using LinkedIn as a source of fraud.

They are contacting LinkedIn users by presenting themselves as professional financial advisors. Scam schemes are being offered to these users.

In this method of fraud, scammers initially try to gain the trust of LinkedIn users by giving them investment advice. After a few months, users are asked to invest in sites run by scammers.

LinkedIn has said 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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