Australia has Uncovered 14K online scams since 2023, crypto cited in 21%

Since July 2023, Australian regulators have uncovered about 14,000 online scams, with approximately 21% involving cryptocurrency.

These scams include investment fraud, phishing websites, and fraudulent social media ads. The Australian Securities and Investments Commission (ASIC) has enhanced its enforcement efforts by monitoring social media ads and utilizing takedown powers to disrupt suspicious crypto-related websites.

Investment scams remain the leading type of scam affecting Australians, with reported losses exceeding $73 million in 2025 so far. However, overall scam losses have declined compared to previous years—losing about $192 million in 2024 compared to $291 million in 2023. Despite the overall decrease, scammers continue to adopt advanced tactics.

Crypto-related scams and the use of crypto ATMs have attracted regulatory scrutiny, with Australian law enforcement cracking down on criminal uses of crypto ATMs which are suspected to be linked to some scams. Australia has the third-largest number of crypto ATMs globally, with nearly 2,000 in operation.

Authorities urge Australians to remain vigilant and skeptical of investment promises, famous people's endorsements, and solicitations made through direct messaging platforms like WhatsApp and Telegram. The coordinated enforcement and awareness efforts between government, law enforcement, and industry are helping to reduce the financial impact of scams on Australians.

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