A recent study revealed that Australians are among the primary targets of a complicated crypto investment scam network, with suspected masterminds in Israel. To help protect yourself from these scams, this Crypto Tax Calculator Australia article will provide insight into what’s happening to Australians and why they’re so vulnerable. Keep reading for more details!
Australians have been identified as the main victims of a sophisticated international cryptocurrency call-center scam, which is reportedly managed by Israel-based criminal organizations. According to The Australian’s February 23 report, an operation conducted by Serbian, German, Bulgarian and Cypriot authorities revealed that this scheme has disproportionately targeted Australians compared with other countries. As a result of their efforts fifteen people were arrested and $1.46 million worth of cryptocurrencies was confiscated!
The research uncovered that scammers had been utilizing ads on social media to entice victims with apparently profitable investment opportunities and remarkable benefits. Private investigation companies reported to the publication that Australians were targeted specifically due to their comparative wealth, as well as a history of feeble investigative attempts by federal and state agencies.
Mark Solomons, Senior Investigator at the prominent private intelligence firm IFW Global, observed that Australians are excessively trusting and open-hearted to embark on online relationships if they can be emotionally manipulated.
When compared to other “wealthy” countries, Solomons implored the Australian government to heighten its enforcement policies at local, governmental and global levels with a view of deterring fraudulent investors targeting Australians.
In 2021, Australians were scammed of a shocking $2 billion according to some records. But the Australian Competition and Consumer Commission (ACCC) reported an alarming loss amounting to $323.7 million in its Scamwatch database—an increase of 75.6% from last year with losses estimated at around $568.6 million in 2022! Further investigations revealed that crypto payments accounted for nearly $221 million out of those scam losses as per ACCC’s data discovery.
The financial toll of victims in January 2023 was a staggering $53.4 million, leading the Australian Securities Investment Commission to release their “top-10 ways to spot a crypto scam” list in November of that year. Subsequently, the ACCC stepped up efforts by launching an innovative cybersecurity service trial which quickly resulted in taking down several malicious websites associated with cryptocurrency scams.
Crypto scams in Australia can be incredibly daunting; however, by being mindful of the signs and proactive with your own safety, you can avoid many potential risks. With Crypto Tax Calculator Australia, you can effectively and securely file your crypto taxes without having to worry about any added inconvenience. The three different plans available offer a variety of options for customers to choose from and the free trial period allows users to explore the service without any extra pressure.
As such, if you’re looking to manage your crypto taxes more efficiently and safely within the Australian market, then Crypto Tax Calculator Australia is a great option. Don’t let crypto scams distract you from achieving success – stay safe yet secure with this great platform today.