WA is on track to have its worst year for scams as millions of dollars are being lost to cryptocurrency cons.
More than $10 million has been stolen from WA scam victims this year, with Consumer Protection warning if the upward trend continues the State will hit an annual record high.
Consumer Protection commissioner Gary Newcombe warned heightened public interest in cryptocurrency investments were leading the rise.
“Get rich quick proposals are very tempting at a time when the household budget is under pressure and people are desperately looking for opportunities to get better returns on their investments,” he said.
Cryptocurrency cons now make up almost half of all scam-related losses.
West Australians lost $4.1m across 71 victims from cryptocurrency scams in the first half of 2022, followed by $3.2m from 37 victims through online romance cons.
Carine scam victim Jeff Beale lost money twice when he got caught up in two sophisticated but phoney schemes.
“The complexity and comprehensiveness of (the scammer’s) set up is mindboggling,” he told 7NEWS’ Flashpoint.
Mr Beale said the fraud had taken a toll on him emotionally, not just financially.
“It’s one thing to have the financial loss, but it’s also the assault…
