Australia Bitcoin scams are rapidly rising


The study of Australian government shows that Bitcoin-related fraud is on the rise. The latest data indicates 126% jump in the number of reports related to Australia bitcoin scams in the last week of October.

2 November, AtoZForex Australian ScamWatch has issued data indicating a steep rise in Bitcoin scams in the country. The Australian Competition and Consumer Commission (ACCC) claims fraudsters using cryptocurrencies to scam the public.

Australia Bitcoin scams increase 126% in one week

The data show ScamWatch received a total of 77 reports related to Bitcoin scams in the week of October 29, 2017, increasing 126% from the previous week. Particularly, the fraudsters are scamming public through SMS saying that a person has a certain number of Bitcoins in his/her account. They ask the potential victim to check or log into the account to collect the personal information.

According to a report, The ACCC data came after the Australian Communications and Media Authority (ACMA) voiced its concerns about the increased number of Ponzi schemes involving cryptocurrencies.

Similarly, the authority warned public of scams targeting cryptocurrency investors in Australia. In particular, a number of fake Blockchain URLs and a Bitcoin survey aim to collect personal information, said the ACCC.

Australian Bitcoin bill on the way

Meanwhile, the Australian authorities are on track to make legislative changes in cryptocurrency regulation. In October, the government gave green light to the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017. It is also known as Australia’s “Bitcoin bill”. The “Bitcoin bill” introduces changes to the current AML/CTF law by modernizing it to take into account digital currencies like Bitcoin.

Under the bill, digital currencies trading firms need to enroll and register with AUSTRAC. Also, the firms need to implement an AML/CTF program. The program will set the framework for businesses to comply with their obligations. In addition, the firms also need to report threshold transactions and suspicious matters to AUSTRAC. As well as they need to keep appropriate records.

The bill proposes a maximum penalty of 7 years of imprisonment and a fine of 2,000 penalty units for violating the registration rules.

Think we missed something? Share with us your opinion in the comments section below.

    Share Your Opinion, Write a Comment