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The Australian Federal Police (AFP) have identified deep fakes and pig butchering as the predominant tactics used by scammers to defraud individuals. In the past year, Australians experienced losses of $122 million from cryptocurrency-related scams, according to a recent report from the AFP. This figure forms part of a broader $269 million lost to various investment scams over the same period, with approximately 47% of these scams involving {cryptocurrency} .
AFP Assistant Commissioner Richard Chin highlighted that a significant portion of scam victims are under the age of 50, with this demographic representing about 60% of the total. This finding contrasts with the traditional perception that older Australians are more frequently done by fraudsters.
The report notes that scammers are increasingly leveraging advanced technologies to perpetrate fraud. Two prominent methods are pig butchering and deep fakes. Pig butchering involves scammers establishing a personal rapport with victims through social media or other online platforms before luring them into fraudulent schemes. Deepfakes, on the other hand, utilize artificial intelligence to create convincing audio and video content, often featuring celebrities or well-known figures, to promote fake investment opportunities. Notably, the likeness and voice of high-profile individuals such as Tesla CEO Elon Musk are frequently exploited in these schemes.
Assistant Commissioner Chin suggested that the reported figures might represent only a fraction of the actual losses, as some victims may not be aware they have been defrauded or might feel reluctant to report the crime.
According to Scamwatch, a government website tracking fraudulent activities, investment scams remain the leading cause of financial loss in Australia, with reports indicating losses exceeding $68 million in 2024 alone. Unlike AFP data, Scamwatch reveals that individuals over the age of 50 constitute the majority of victims in such schemes.
This disparity in victim demographics between AFP and Scamwatch underscores the diverse strategies employed by scammers and highlights the need for heightened awareness and preventative measures across all age groups.
