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Cryptocurrency Fraud Second Most Common Investment Scam in Land Down Under

The national consumer watchdog in Australia has warned the country that the cryptocurrency scams have grown drastically over the last year and are now considered to be the second most common type of investment scam in the country.
The Australian Competition and Consumer Commission, an independent government authority, has been given the task of enforcing laws which will protect citizens and provide an oversight to the trends in the Land Down Under related to scams. The scam alert domain has quite rightly been given the name Scamwatch.
They have been on alert for a while now and the watchdog, on Monday, raised public attention on the matter of cryptocurrency trading scams. It is becoming increasingly significant and they have seen an immense growth in the country over the period of the last 12 months.
With the rise of cryptocurrencies, the scammers have been fast at the heels with those using these new trends to commit fraud and scam people from a lot of their wealth. There is a basic principle to all of the financial investment scams: The con man will tell you that they have inside knowledge of the particular industry and throw around some facts and figures to convince you. They will then use the trust you have placed in them and ask you to let them invest the money on your behalf. If you have been fooled convincingly enough and you give them your money to make investments and become rich, you will see them disappear along with all the money you gave them.
The Australian Competition and Consumer Commission has been urging all the citizens to be careful of these fraudulent activities which are becoming more and more common in the country. Wherever you hear the kind of terms along the lines of ‘get rich quickly’, ‘low risks and high returns’ or something like a ‘risk free investment’, you would do well to steer away from it.
The watchdog has confirmed that schemes like these are still the second most common investment scam in the country. The top position still belongs to investment scams belonging to the traditional realms of stocks, real estate and commodities.
The total losses seen in 2017 because of cryptocurrency investment scams stood north of a staggering value of $1.2 Australian dollars. That is just the investment scams. Adding the likes of fake ICOs to the amount makes the figure go up somewhere over $2 million Australian dollars.

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