Australia’s federal consumer watchdog has advised that cryptocurrency trading scams have grown ‘significantly’ over a 12-month stretch and are now the second-most-common kind of investment scam in the country.
An autonomous government bureaucracy tasked with the mandate of enforcing purchaser protection laws with oversight into scam-related trends in Australia, the Australian Competition and Consumer Commission (ACCC)has a scam-alert region dubbed ‘Scamwatch’.
In a information on the ongoing alert radar on Monday, the watchdog raised public caution in bringing attention approaching increasingly ‘prevalent’ cryptocurrency trading and binary option scams. Cryptocurrency trading scams, in particular, have seen a marked growth in the last twelve months and have become the ‘second most common kind of investment scam offer pushed on victims,’ the ACCC said.
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