On August 5, 2024, the Australian Federal Police revealed that over 2,000 cryptocurrency wallets owned by Australians have been compromised by authorization phishing scams.
With more than $4 billion stolen globally since 2021, this warning highlights the importance of being cautious when dealing with cryptocurrency transactions.
Discover key tips to safeguard your assets and stay informed about the latest scam tactics.
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Reports of Authorization Phishing Scam Victims and Alerts
On August 5, 2024, the Australian Federal Police (AFP) reported that over 2,000 cryptocurrency wallets owned by Australians have fallen victim to scams. The AFP has issued a warning about a type of cryptocurrency scam known as "authorization phishing."
This scam was uncovered through a joint investigation with blockchain analysis firm Chainalysis. Since May 2021, more than $4 billion worth of cryptocurrency has been stolen worldwide through authorization phishing scams.
Authorization phishing scams involve tricking victims into signing a contract with fraudulent content using their wallet, which then allows scammers to steal cryptocurrency.
These scams appear in various forms, such as "high-return investment scams" and "romance scams" where victims are emotionally manipulated into giving up their assets.
When victims sign contracts containing fraudulent terms, criminals gain access to their cryptocurrency wallets, enabling them to freely use specific tokens or cryptocurrencies.
Collaboration with Chainalysis to Combat Scams
The AFP is continuing to investigate the identified scam cases and plans to collect more information on cryptocurrency scam tactics to advance preventative measures.
In June 2024, the AFP joined "Operation Spincaster," an initiative by Chainalysis to combat cryptocurrency scams. This operation involves collaboration with exchanges, government agencies, and law enforcement to share information, which is expected to help reduce scam incidents.
The recent announcement also emphasizes the importance of being wary of authorization phishing scams and includes the following warnings for Australian residents:
- Thoroughly verify the content before signing any authorization transaction.
- Avoid signing if the trading partner is untrustworthy.
- Even if the source appears reliable, be suspicious if urgently asked for money or personal information.
- Investigate and verify the trading partner's information through search engines or social media.
- If there are suspicions of a romance scam, verify the partner’s identity, and if possible, request video or face-to-face meetings.
- Trust your intuition; if something seems "too good to be true," it likely is a scam.
- Report suspicious profiles or interactions to online scam platforms or authorities.
- Stay updated on the latest cryptocurrency scam information and remain vigilant.
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