Australia urged to unite against crypto scammers


Australian banks, authorities and the crypto industry must come together to fight the growing digital asset fraud. The head of Blockchain Australia, Simon Callaghan, said this during the Blockchain Week in Melbourne, writes Cointelegraph.

According to him, the association will focus on preventing crimes using cryptocurrencies. He stressed the need for consumer protection, as well as working with the banking sector and the government.

At the same time, Callaghan noted that misconduct often occurs on social networks or through telecommunications channels:

“Cryptocurrency is either an exit point or a minor part of the scam lifecycle, scams go much further down the chain.”

According to the head of Blockchain Australia, few countries manage to effectively cooperate on this issue. However, he expressed hope that Australia could overcome this barrier and set an example for other jurisdictions.

According to the local Commission for Competition and Consumer Protection, in 2022, residents of the country lost $148 million as a result of fraudulent schemes related to digital assets.

Recall that in June, the Commonwealth Bank of Australia introduced measures that limit the ability of customers to send funds to cryptocurrency exchanges. The decision was explained by the desire to protect consumers from illegal schemes.

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