As at 31 August 2022, Scamwatch received 146,700 reports, with losses over $381.2 million so far this year (a 100% increase in losses compared to the same period last year).

Investment scams, such as those involving promises of big payouts, quick money or guaranteed returns, cause the most financial loss in Australia. According to Scamwatch, over $267 million has been lost so far this year.

Cryptocurrency scams are the most popular type of investment scams and the most common contact modes are phone, SMS and email. It is very difficult to identify legitimate cryptocurrency investments from scams. Scammers take advantage of the hype and the less regulated environment to ‘invest’ in Bitcoin or another cryptocurrency on a victim's behalf.

Before investing, individuals should ask themselves if they are willing to lose some or all of the money they have invested and know that, if they go ahead, they are investing with little or no protections behind them.

Some other simple steps you can take to protect yourself and your business are:

• Never give any personal information to someone who has contacted you.
• Don’t click on hyperlinks in text/social media messages or emails, even if it appears to come from a trusted source.
• Go directly to a website through your browser. For example, to reach the MyGov website type ‘my.gov.au’ into your browser.
• Never respond to unsolicited messages and calls that ask for personal or financial details, even if they claim to be from a reputable organisation or government authority — just press delete or hang up.
• Never provide a stranger remote access to your computer, even if they claim to be from a company you use.
• To verify the legitimacy of a contact, find them through an independent source such as an online search or past bill.
• Hang up and verify the identity of the person contacting you by calling the relevant organisation directly — find them through an independent source such as a phone book, past bill or online search.
• Search for reviews before purchasing from unfamiliar online traders.
• Be wary of sellers requesting unusual payment methods such as upfront payment via money order, wire transfer, international funds transfer, preloaded card or electronic currency, like Bitcoin.
• Verify any request to change bank details by contacting the supplier directly using trusted contact details you have previously used.
• Consider a multi-factor approval process for transactions over a certain dollar amount.
• Keep the security on your network and devices up-to-date, and have a good firewall to protect your data.