Alert Priority MEDIUM: Aussie customers fall prey to cryptocurrency investment scammers

Updated: Oct 7, 2019

Originally posted 20 Aug 2019

Check the credentials of those offering to invest your money into cryptocurrency ventures!

Problem:

  • Last year Australians paid scammers over $6 million in cryptocurrency to supposedly invest in cryptocurrency ventures.

  • Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. In other words its "decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation".

  • Cryptocurrency in itself is not a bad thing but it's a pain in the backside of banks and governments.

  • Australian Taxation Office is planning to link to all major cryptocurrency exchanges in 2019/2020 financial year to cross reference citizens that haven't been paying tax.

  • It’s becoming more common for cybercriminals to request payment in cryptocurrency – particularly in investment scams.

Advice:

  • So, be wary of investment schemes that ask you to pay using unusual methods like cryptocurrency or iTunes cards.

  • Cyberkite recommends staying away from cryptocurrencies as they are volatile (value can drop overnight). Riskiest form of gambling in a way. But if you have some for example Bitcoins, please make sure you let your accountant know and pay the fair share of tax to whatever government you live in.

  • Cryptocurrency explained: https://www.staysmartonline.gov.au/news/cryptocurrency-explained

Source: Stay Smart Online

https://www.staysmartonline.gov.au

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