Cryptocurrency scams can take many forms, including phishing attempts, fake investment offers, employment scams, impersonation of trusted organisations and romance scams.
Police have recently received reports of an elaborate, highly-targeted phishing scam which encourages customers of cryptocurrency and digital asset platforms to scan a QR code on a physical letter delivered to their mailbox, which even includes all of the recipient’s personal details and links to a legitimate website which claimed to contain an important security update.
Detective Superintendent Craig McGrath from the Financial and Cyber Crime Group said between 3 and 7 July, victims reported total losses of over $1.47 million across Queensland.
“Police are advising anyone who receives physical or digital correspondence relating to cryptocurrency or digital assets to be cautious of scanning QR codes or clicking unverified links and always verify the authenticity of the sender before taking any action,” Detective Superintendent McGrath said.
“Cryptocurrency holders should never disclose private keys, seed phrases, or other authentication credentials to anyone, without confirming the legitimacy of the request.
By following these tips, Queenslanders can protect themselves from falling victim to crypto scams:
- Always verify the legitimacy of any cryptocurrency platform or investment opportunity. Check for reviews, licensing, and contact details.
- If it sounds too good to be true, it probably is. Avoid schemes promising guaranteed high returns.
- When securing your crypto wallet, use strong passwords, enable two-factor authentication, and ensure your private keys are stored securely.
- Never share your crypto wallet details, passwords, or private keys with anyone.
- Be cautious of unsolicited messages, mail or calls. Always verify the identity of the person or organisation contacting you by doing your own research and don’t rely on links or QR codes.
- If you’re a victim of an investment scam, report it to your bank then to police via www.cyber.gov.au/report.
If you think you have lost money, immediately report the transaction/s to your bank or financial institution and change your online banking passwords to secure your online accounts.
Learn more about scams at www.scamwatch.gov.au and R U In Control