Cryptocurrency scams.

Australia is currently experiencing a cryptocurrency scam epidemic.

Cryptocurrency scams are one of the fastest-growing threats that are impacting Australian banking customers.

During the last year, Australians lost over $221 million to cryptocurrency scams.

Some Australian banks are implementing policies to protect their customers.

From 18 July 2023, the NAB began to decline some transactions made to high-risk cryptocurrency exchanges, in an attempt to protect some customers from some of these scams.

NAB Cryptocurrency.

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The combined losses reported to Scamwatch; ReportCyber; the Australian Financial Crimes Exchange, IDCARE, ASIC and other government agencies was at least $3.1 billion in 2022. This is an 80% increase on total losses recorded in 2021.

There are many statistics in this report. Behind the numbers are everyday Australians who lost money, sometimes their life savings to scams.


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