Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals
Investment scams have been by far the most common type in Australia recently, a new report by the country’s consumer watchdog has revealed. And while a growing number of Australians fall victim to fraudulent schemes involving cryptocurrency, bank transfers remain the scammers’ favorite way to extract money. Australians Lose $670 Million to Scammers in a Year, Including $75 Million Through Bank Transfers Residents of Australia have lost $851 million Australian dollars (almost $670 million) in over 444,000 reported scam cases in 2020, the Australian Competition and Consumer....
Related News
A growing number of Australians have fallen victim of investment scams and fraudulent schemes. However, according to new report, scammers prefer bank transfers to cryptocurrencies. Australians Lose $670 Million to Scammers In 2020 The Australian Competition and Consumer Commission (ACCC) said in its annual Targeting Scams report published Monday that residents of Australia lost $851 […]
Australian authorities are registering increasing instances of scams targeting internet users. The total losses are estimated to be over $70 million. Cybercriminals are always finding new ways to extort money from unsuspecting internet users. In the recent days, Australian internet users are being targeted over Facebook by scammers posing as government employees. According to reports on Australian news media platforms, the cybercriminals are impersonating representatives from big brands, government agencies, utilities and telecom companies and even the taxation department. The scammers are....
According to a report published by the Bank of International Settlements (BIS) and a group of central banks, digital currencies can lead to faster settlement and cheaper transfers. Moreover, the banking group leveraged a prototype that shows how money transfers can be done in seconds with very little processing fees.
Inexpensive Transfers & Speed: Bank of International Settlements Report Says Digital Currencies Can Be More Effective
During the second week of September, the head of the Bank of International Settlements (BIS) Innovation Hub, Benoît Cœuré, explained....
The FBI says alongside regular methods of payment such as wire transfers and prepaid cards, crypto ATMs are also becoming a prominent tool for crypto investment scammers. The Federal Bureau of Investigation (FBI) Miami Field Office has warned that crypto ATMs are emerging as a popular method that scammers use to receive funds from defrauded victims. The information was revealed as part of an Oct. 3 public warning about “pig butchering scams” where scammers pose as long-lost friends or potential romantic partners to swipe money from victims. The scammers “fatten up” their victims by....
Two of Australia's 'big four' banks, Westpac Banking Corporation and the Australia and New Zealand Banking Group, are experimenting with peer-to-peer transfers on the Ripple protocol. The news, revealed by The Australian Financial Review, follows last month's announcement that the Commonwealth Bank of Australia (CBA) - another 'big four' rival - is trialling the tech for transfers between its subsidiaries. At the time, CBA's chief information officer David Whiteing described distributed protocols as