With crypto scams on the rise, here’s what you need to do to protect yourself

Each year, as the festive season arrives, we must also keep an eye out for potential scammers trying to ruin the fun. This is because scammers become more active during the holidays, targeting us while we have our guard down.

So far in 2022, Australians have lost around half a billion dollars to scams, which is already significantly more than had been lost by this time last year. The majority of these losses – around $300 million – have involved investment or cryptocurrency scams.

Researchers from Deakin University’s Centre for Cyber Security Research and Innovation had a opportunity to interview recent victims of these scams. Here is what we found.

Anyone can fall for a scam

I was shocked and could not accept that this happened to me although I was very careful […] I was numb for a couple of minutes as it was a large amount of money. – (26-year-old female office manager from South Australia)

These scams have become highly sophisticated and criminals have become less discriminating about whom they target. This is reflected in recent victim demographics, showing a wide variety of backgrounds, a more even distribution across several age groups, and an almost even split on gender.

So, how can you spot these scams and where can you get help if you have fallen victim?

If it sounds too good to be true, it might just be a…