Cryptocurrency Scammers Impersonate Australian Police to Target Victims
Summary:
The Australian Federal Police (AFP) has warned of a sophisticated scam where fraudsters impersonate law enforcement officials to exploit victims’ cryptocurrency assets. Using Australia’s cybercrime reporting tool, ReportCyber, scammers submit false reports to later contact victims, posing as police to pressure them into transferring funds. The scheme leverages government infrastructure to lend credibility, with some victims nearly falling for the highly convincing tactics. This highlights the growing sophistication of crypto-related fraud.
What This Means for You:
- Be skeptical of unsolicited calls claiming to be from law enforcement or government agencies.
- Never share cryptocurrency wallet seed phrases or personal financial information with anyone, even if they claim to be an official.
- Verify the authenticity of any ReportCyber report by contacting the official website directly.
- Stay informed about evolving scam tactics to protect your digital assets from fraud.
Original Post:
Cryptocurrency scammers have impersonated Australian police and exploited government infrastructure to pressure victims into handing over their digital assets, the Australian Federal Police (AFP) said Thursday.
The AFP said scammers used the local cybercrime reporting tool ReportCyber to submit reports about their targets. At a later time, they contact the victims posing as police and inviting them to check the report on government websites, lending credibility to the scammers.
In one case, the scammers warned the victim that they would be contacted by a representative from a crypto company, who would also provide information to prove their legitimacy. This second caller then attempted to persuade the target to transfer money from their platform wallet to a wallet of their choice.
“Thankfully the target became suspicious and hung up,“ the AFP said.
Related: Australia unmasks $123M crypto laundering ring behind security firm
A game of pretend
AFP Detective Superintendent Marie Andersson said the scammers falsely claimed that an individual had been arrested and the victim identified in an investigation involving a crypto breach. She noted that the scammers’ verification steps often resembled legitimate law-enforcement procedures, making the scheme “highly convincing” to some victims.
Andersson said this was part of a broader trend in scams becoming increasingly sophisticated. She encouraged “Australians to adopt necessary safety measures online” and warned that “if you’re contacted by someone about a ReportCyber report you didn’t lodge or authorise someone to make on your behalf, terminate the call and notify ReportCyber.
“Also bear in mind legitimate law enforcement officials will never request access to your cryptocurrency accounts, wallets, bank accounts, cryptocurrency wallet seed phrases, or any personal information relating to your financial accounts.”
Related: Australian feds seize mansion, Bitcoin allegedly linked to crypto exchange hack
Australia cracks down on crypto crime
In late October, the AFP announced that it had cracked a coded cryptocurrency wallet backup containing 9 million Australian dollars ($5.9 million) — suspected to be the proceeds of a crime.
In late August, Australia’s markets regulator was reported to be expanding its campaign against online scams, having taken down 14,000 since July 2023, with over 3,000 involving cryptocurrency.
In July, authorities in the Australian island state of Tasmania found that the top 15 users of crypto ATMs in the state were all victims of scams, with combined losses of $1.6 million.
Magazine: Crypto scam hub expose stunt goes viral, Kakao detects 70K scam apps: Asia Express
Extra Information:
ReportCyber Official Website: Learn how to report cybercrimes and protect yourself from scams.
Australia’s Crackdown on Crypto Scams: Explore the latest developments in Australia’s efforts to combat cryptocurrency fraud.
People Also Ask About:
- How do cryptocurrency scams work? Scammers use psychological manipulation and fake credentials to trick victims into transferring funds.
- What is ReportCyber? It’s Australia’s official tool for reporting cybercrime incidents.
- Can law enforcement ask for my crypto wallet details? No, legitimate officials will never request access to your cryptocurrency accounts or seed phrases.
- How can I protect my crypto assets? Use strong security measures, verify contacts, and never share sensitive information.
Expert Opinion:
As cryptocurrency fraud evolves, scammers are leveraging advanced tactics, including impersonating trusted authorities. AFP Detective Superintendent Marie Andersson emphasizes the importance of skepticism and proactive measures to safeguard digital assets. This trend underscores the need for heightened awareness and collaboration between law enforcement and the public to combat fraud.
Key Terms:
- Cryptocurrency scams
- ReportCyber tool
- Australian Federal Police
- Cryptocurrency wallet security
- Cybercrime reporting
- Impersonation fraud
- Digital asset protection
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