Cryptocurrency scam – don’t become a victim, South Australia

COVID-19 has had a massive impact on the way we go about businesses, including a move towards a less cash-dependent society. As a result, cryptocurrencies have been growing in popularity, with coins such as Bitcoin trending on social media platforms and featuring in mainstream news as it rises in price. Like any investment though, you should consider your own circumstances and seek independent financial advice where appropriate before parting with your hard earned cash.

Recently, South Australians have fallen victim to cryptocurrency investment scams through advertisements found online – losing hundreds of thousands of dollars to fraudsters. Unfortunately, the websites and advertisements look convincing by featuring modern graphics, offering in-chat support and even using fake endorsements from high-profile celebrities to promote their products.

South Australia Police advise to community to:

* Be wary of advertisements found on social media sites offering investment opportunities. Scammers use these platforms to lure potential victims and direct them to fraudulent websites.

* Never allow anyone access to your device to assist with creating accounts. Remote access apps give scammers full access to your phone, your identity, and your newly created cryptocurrency account.

* Do not send copies of identification such as your Driver’s Licence, Passport or Medicare Card to people or businesses that you are unfamiliar with.

* If you have an existing account, protect it by using a unique password, implementing two-factor authentication and keeping Recovery Seeds secure and off your device.

For further information on scams affecting South Australians, please visit www.police.sa.gov.au/scams

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