Australians lost $122 million ($180 million AUD) to crypto scams in the last 12 months, with most of the victims being under the age of 50, according to a new report from the country’s federal police.

In an Aug. 28 statement , the Australian federal police (AFP) revealed that a total of $269 million ($382 million AUD) had been lost to investment scams over the last year, with around 47% of them being crypto-related. 

Data from the Australian government website Scamwatch claims most scams are initiated by text message or email. Source: Scamwatch

AFP Assistant Commissioner Richard Chin said another key finding from all the reports they received was the age of the victims. Around 60% were under the age of 50, overtaking older Australians, who are generally seen as more susceptible to being duped by scams. 

The methods used also relied primarily on modern technology , with pig butchering and deepfakes being the two most common types of scams found by the AFP. 

“Scammers promise high returns with little risk, using convincing marketing and new technology to make the investment sound too good to miss,” Chin said. 

Pig butchering involves scammers building a personal relationship with their victims on social media or other platforms before encouraging them to invest in fraudulent schemes.

Related: Australian regulator claims 58% of crypto ads on Facebook are scams

Deepfakes use artificial intelligence (AI) to generate audio and video, often of celebrities and other trusted public figures, to promote fake investment schemes. Tesla CEO Elon Musk’s voice and likeness are among the most popular choices for AI crypto scammers. 

Source: The Bitcoin Way

Chin says the AFP data is likely just the tip of the iceberg, with more people likely falling victim who are either unaware they have been scammed or are too embarrassed to report the crime.

“If an investment opportunity sounds too good to be true, then it probably is,” he said.

“Financial gain is what motivates most scammers however stolen funds could be used to bankroll future criminal ventures such as money laundering, trafficking illicit drugs, or human exploitation.”

Australian Government website Scamwatch also shows investment scams are still the most prominent way Aussies are losing money, with reports of losses totaling more than $68 million ($100 million AUD) in 2024 so far. 

However, unlike AFP data, Scamwatch shows the over-50 age bracket makes up the bulk of people falling victim to fraudulent schemes. 

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