According to a new report from the Australian Federal Police (AFP), Australians lost a staggering $122 million (or A$180 million) to crypto scams last year. This figure is almost half of the $269 million (A$382 million) lost to all types of investment scams during the same period.

AFP Assistant Commissioner Richard Chin revealed that most of the victims were younger Australians, with about 60 percent being under the age of 50. This is a move away from the older demographic traditionally considered more vulnerable to fraud.

The report highlights two main types of scams: pig butchering and deepfakes. In pig butchering, scammers build personal relationships with victims on social media before luring them into fraudulent investments.

Richard Chin said: “Fraudsters often use pressure tactics and various methods to trick their victims into making bad investment decisions. Two common methods are pig slaughter and the use of deepfake technology.”

Deepfakes use advanced AI to create fake audio and video files, often featuring celebrities such as Tesla CEO Elon Musk, to trick people into investing in nonexistent systems.

Chin warned that AFP’s figures may only scratch the surface, as many victims may not realise they have been scammed or may be too embarrassed to report it. He stressed: “If an investment opportunity sounds too good to be true, it probably is.”

The Australian government’s Scamwatch also reports that investment scams remain the most common way Australians lose money. In 2024 alone, Scamwatch recorded losses of over $68 million ($100 million AUD). Interestingly, Scamwatch’s data suggests that people over 50 are more likely to fall victim to these scams.

Chin added that funds stolen through these scams often benefit other criminal activities, including money laundering and drug trafficking. It is vital for Australians to remain vigilant and sceptical of investment opportunities that promise unrealistic returns.

Also read: Australia’s ASIC stops over 600 crypto scams in 12 months