Scammers have been able to steal as much as AU$242.5m from unwitting Australians so far in 2022, according to a recent report by the Australian Broadcast Network (ABC).
The overall number of people losing money has risen by 36% from 2021, at the same time last year, Australians had lost AU$178.2m, ABC said.
Australian lawmakers are hoping to introduce reforms that will protect consumers. Essentially, lawmakers want to oblige banks to check the recipient’s name and see if they match the name during money transfers.
Consumer Action Law Center CEO Gerard Brody argued that while banks do ask for a name, they never actually check, which enables quick scams.
Over the weekend Australian Securities and Investments Commission commissioner Sean Hughes said that investors must understand that putting money in cryptocurrencies is an extremely risky investment.
These assets, Hughes explained, were very risky, complex, and often linked to high level of volatility.
Governments have been trying to warn consumers against investing in crypto, but companies have been eliciting action from investors by promising huge returns, which in – in many cases are unrealistic.
This has forced governments to clamp down on misleading ads that cajole investors into putting down money without actually offering realistic expectations.
Governments are also looking to obligate companies to warn consumers about the risks of their investment in the advertisements and promotional messages they use to attract new consumers.
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