Australians have lost a staggering $122 million to cryptocurrency scams over the past year, with the majority of victims being under the age of 50, according to a recent report from the Australian Federal Police (AFP). The report, released on August 28, highlights a concerning trend where sophisticated scams, particularly those involving crypto, are preying on younger Australians.

The AFP revealed that out of the $269 million lost to investment scams in the last 12 months, nearly half—about 47%—were crypto-related. This marks a significant shift, with younger individuals now more frequently falling victim to these scams compared to older Australians, who have traditionally been seen as more vulnerable.

Two of the most prevalent scams identified by the AFP are "pig butchering" and deepfakes. In pig butchering, scammers develop personal relationships with their victims online, eventually luring them into fraudulent investments. Deepfake technology, often using the likeness of high-profile figures like Tesla’s Elon Musk, is employed to create convincing fake videos and audio to promote these scams.

AFP Assistant Commissioner Richard Chin emphasized that these scams are often accompanied by promises of high returns with minimal risk, making them particularly enticing. However, Chin warned that the true extent of the problem is likely far greater, as many victims may be unaware they have been scammed or too embarrassed to report it.

The Australian Government’s Scamwatch website also reports significant losses, with more than $68 million lost to investment scams in 2024 alone. Interestingly, Scamwatch data contrasts with the AFP's findings, indicating that older Australians remain the primary victims in many cases.

The AFP urges caution, reminding everyone that if an investment opportunity seems too good to be true, it probably is.