The Australian Federal Police disclosed that fraudsters are employing deepfakes and pig mutilation as their primary strategies for defrauding victims.
A recent report from the federal police of Australia indicates that the majority of the victims were under the age of 50, and in the past year, they lost 180 million Australian dollars ($122 million) to crypto schemes.
The Australian federal police (AFP) disclosed in a statement on August 28 that investment schemes had resulted in the loss of $269 million ($382 million AUD) over the past year, with approximately 47% of the losses being crypto-related.
Text messages or emails are the primary methods of initiating hoaxes, according to data from the Australian government website Scamwatch. Scamwatch is the source.
According to Assistant Commissioner Richard Chin of the AFP, the age of the victims was another significant discovery in all the reports they received. Older Australians, who are typically perceived as more susceptible to being defrauded by schemes, were overtaken by approximately 60% of those under the age of 50.
Pig mutilation and deepfakes were the two most prevalent types of frauds identified by the AFP, and the methods employed were primarily reliant on contemporary technology.
Chin asserted that scammers employ persuasive marketing and cutting-edge technology to present investments as too lucrative to pass up, promising substantial returns with minimal risk.
Scammers establish a personal rapport with their victims on social media or other platforms prior to persuading them to invest in fraudulent schemes, which is known as pig butchering.
Deepfakes employ artificial intelligence to produce audio and video content, frequently featuring celebrities and other well-known public figures, in order to advertise fraudulent investment schemes. Among the most popular options for AI crypto fraudsters is Tesla CEO Elon Musk’s voice and visage.
The AFP data is likely only the top of the iceberg, according to Chin, with a greater number of individuals falling victim to scams who are either oblivious of the situation or too embarrassed to report it.
“If an investment opportunity appears to be too good to be true, it is likely to be,” he stated. “The majority of fraudsters are motivated by financial gain; however, stolen funds could be utilized to finance future criminal activities, including human exploitation, money laundering, and drug trafficking.”
Scamwatch, the website of the Australian Government, also indicates that investment schemes continue to be the most prevalent method of Australians losing money. To date, there have been reports of losses exceeding $100 million AUD ($68 million) in 2024.
Nevertheless, Scamwatch data indicates that the majority of individuals who fell victim to fraudulent schemes are over the age of 50, in contrast to AFP data.
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